JPMorgan on October 12 reported third-quarter net income available to common shareholders of $6.3 billion.
Firm-wide, Citi had revenues of $18.17 billion in the quarter up from $17.76 billion in the period a year earlier, beating analysts' expectations.
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Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. The stock of First Industrial Realty Trust, Inc. (NYSE:DLR) earned "Neutral" rating by JP Morgan on Tuesday, December 22.
Executives at the largest US bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and downplayed a 27 percent drop in bond trading revenue even though weakness has continued into the fourth quarter. The Labor Department said US producer prices rose 0.4 percent last month and 2.6 percent in the 12 months through September. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. Earnings per share rose 4 percent, driven by a 7 percent reduction in average diluted shares outstanding.
Excluding the gain, net income declined 2 percent, reflecting higher cost of credit. Citigroup said it earned $4.13 billion, or $1.42 per share, compared with a profit of $3.84 billion, or $1.24 per share, in the same period a year earlier.
While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out.
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JPMorgan's markets revenue is likely to drop again in the fourth quarter because the year-ago period was strong, Chief Financial Officer Marianne Lake said on a conference call with analysts. The bank saw more underwriting of stock and bond offerings by companies as well as more fees for advisory services.
Like its peers on Wall Street, Citigroup was expecting another tough quarter for trading revenue amid tepid volatility.
Citi cited "continued growth in loans and assets under management" for the rise, as well as higher interest rates.
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Hidalgo also introduced car-free days and zones as well as a 20-mph (32 kph) speed limit throughout the city. As a result, the city temporarily alternated between banning cars with even- and odd-numbered license plates.
The rest of the major banks will report their earnings in the coming week.
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