Big Banks Were the Loudest Optimists. They’re Getting Quieter.

“We’ve been very thoughtful about the pacing of our hiring,” he said. Citigroup’s revenue was $18.6 billion, slightly lower than the previous quarter but a bit higher than its third-quarter revenue a year ago. But its corporate lending revenue decreased by 6 percent compared with the same quarter last year. Citigroup’s business customers have been showing “pause,” Mr. Mason said, “in terms of whether they actually want to invest in building out facilities or operations, pause in terms of whether they want to consider entering into new markets.” That was a subtle but significant admission that the slowdown was affecting Citigroup’s business. The bank’s chief executive, Michael Corbat, has been saying for months that its global footprint allows it to take advantage of shifting trade routes so that the president’s tariffs did not actually hurt the bank. He offered a more troubled view on Tuesday during a call with analysts. “It has caused a slowdown in terms of trade,” Mr. Corbat said of the trade war. “If we could start to get some clarity on some of these things, where I think businesses can have some more surety on the future, our trade business would definitely benefit from that.” Wells… Read full this story

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