It’s bank earnings season! Citigroup has also reported its first quarter results today and they’re pretty fancy – at least, if you work in fixed income currencies and commodities (FICC) trading at the U.S. bank.

None of the banks to report so far (Goldman, JPMorgan, Citi) had a great first quarter in FICC trading. Citi, however, had a better quarter than the rest. 

As the chart below shows, Citi’s FICC revenues rose very slightly in the first quarter of 2018 versus the first quarter of 2019, while those at JPMorgan fell 18% and 11% respectively. As a result, Citi’s FICC revenue business is now 93% the size of JPMorgan’s, whereas last year, it was just 75% of JPM’s business. Catching up.

Citi’s strength, as ever,

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