Why Shares of Citigroup Are Falling Today
Shares of Citigroup (NYSE: C) had fallen nearly 3.5% as of 2:30 p.m. ET today after other major U.S. banks reported earnings results for the second quarter of the year that disappointed investors.
Earlier this morning, JPMorgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) reported earnings results, and both missed analyst estimates for the quarter.
Both banks saw softer investment banking revenue than expected. Morgan Stanley's investment banking unit generated $1.07 billion of revenue in the second quarter, $400 million below analysts' estimate. Investment banking revenue of roughly $1.35 billion at JPMorgan is down close to $2.1 billion from the second quarter of 2021.
Source Fool.com
