(Bloomberg) -- Citigroup Inc. joined rivals in saying it's benefiting from the jump in market volatility this year.
First-quarter trading revenue is on pace to post a percentage increase of “low to mid-single digits” from a year earlier, Chief Financial Officer John Gerspach said at an investor conference Tuesday. The equities business has a chance to hit $1 billion in revenue this quarter, he said, which would be the first time eclipsing that mark since 2015.
The bank's equities and foreign-exchange businesses have seen the biggest boost as markets have experienced sharper swings, Gerspach said. While investors stepped away during some of the most volatile periods, they've largely been more active this quarter, he said.
Read more: JPMorgan also sees revenue climbing
Volatility is back in markets, as U.S. stocks had their worst single-day plunge in almost seven years last month and 10-year Treasury yields reached the highest level in more than four years.
Gerspach also said investment-banking fees may be “down a bit” this quarter.
To contact the reporter on this story: Jenny Surane in New York at jsurane4@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Heather Perlberg
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