On Friday, Shares of Citigroup Inc (NYSE:C), lost -2.63% to $50.29.
Bank of America Corp. and Citigroup Inc. said this week they’re expecting a 5 percent drop in trading revenue after markets turned volatile in late August. Bank of America’s decline is driven by fixed-income, with equities on track for an improvement, Chief Executive Officer Brian Moynihan said Thursday, according to Bloomberg.
The five largest Wall Street firms — JPMorgan Chase & Co., Bank of America, Citigroup, Goldman Sachs Group Inc. and Morgan Stanley — generated $73.7 billion from trading last year, with about two-thirds of that coming from the fixed-income units and one-third from equities. The total was down from $88.7 billion in 2010, with substantially all of the decline coming in fixed-income, according to data from Bloomberg Intelligence. Bloomberg Reports
Citigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
Shares of Itau Unibanco Holding SA (ADR) (NYSE:ITUB), declined -6.64% to $6.95, during its last trading session, as the real falls by 0.5% to 13-year lows amid Brazil’s longest recession since the 1930s.
This week, the real led losses among major tenders, as lawmakers discuss the possibility of impeaching Brazil’s President Dilma Rousseff, fueling speculation that her proposal to lower the budget deficit will fail on inadequate support in Congress, according to Bloomberg.
Also weighing on the real recently, Brazil’s government postponed publishing August tax collection data. The delay is stoking concerns that the data will be worse than predictable, Bloomberg reports.
The U.S. central bank’s decision on Thursday to keep interest rates unchanged this month has strengthened some emerging markets’ currencies, but Brazil’s economic woes and political crisis have tempered any potential gains for the real, Reuters reports.
“A weaker dollar could bring some relief to the real, but the political noise … should keep markets jittery and volatile here,” Joao Paulo de Gracia Correa, a trader with SLW brokerage, told Reuters.
Itaú Unibanco Holding S.A. provides various financial products and services to individuals and corporate clients in Brazil and internationally. The company operates through Commercial Bank Retail, Consumer Credit Retail, and Wholesale Bank segments. The company accepts demand deposits, savings deposits, and time deposits; and offers credit cards, personal loans, payroll loans, vehicle loans, and residential mortgage loans.
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