Mark Mason, Chief Financial Officer of Citigroup Inc., predicted that third-quarter trading will be down in the low to mid-teens compared to a year ago.
“JPMorgan Chase & Co. stated early Tuesday that its third-quarter trading and investment banking profits will be better than the company's previous expectations. According to Marianne Lake, co-head of the firm's consumer and community bank, markets revenue would likely be down 10% from a year ago, while investment-banking fees will climb.”
Finance director Mark Mason of Citigroup projected a strong economic rebound this year as more people get inoculated, but warned that this may not convert into stronger profitability for the bank due to a slowdown in institutional operations and rising expenses.
The bank has been a pioneer in obtaining capital for "special purpose acquisition firms." According to statistics from Dealogic, US SPACs raised a total of $100 billion from the beginning of 2021 to March.
Mason also said he expects to hear from possible purchasers for the bank's consumer operations in Asia, as well as markets in Europe, the Middle East, and Africa, in the coming month.
Citigroup said in April that it would depart consumer businesses in 13 regions, including Australia, China, and India, as part of Chief Executive Officer Jane Fraser's turnaround strategy to bring Citigroup's profitability in line with that of its competitors.