Wall Street's traders are getting spanked again
REUTERS/Brendan McDermid
In fact, bond volatility started to turn down back in March, even before the end of the quarter, reports The Wall Street Journal's John Carney.
And without that volatility, traders aren't able to take advantage of spreads between prices. That means they can't make as much money.
After beating on the bottom line in the first quarter, Citigroup is now expressing concern about its trading department.
In a call last week, executives said fixed-income, currency, and commodities revenues were looking bad - just as bad as this time last year, when executives were forecasting a 20 percent drop in revenues.
In the end, Citi saw a 12 percent drop in Q2 last year, while JP Morgan saw a 15 percent drop and Goldman 10 percent.
But, Carney reported, that's actually kind of normal for second-quarter earnings, which follow the seasonally busy first quarter when everyone adjusts their portfolios and hedges for the new year.
So, don't worry, things will hopefully pick up again soon.
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market