Citi bankers who do mergers, raise money for bonds and loans are staring at a slump in deals as interest rate rises keep borrowers away from capital markets.
It is a reversal from a year ago when investment banking divisions beefed up junior bankers’ base salaries to handle record transaction volumes, and rewarded their most senior rainmakers with record-high bonus cheques not seen since before the 2007-2008 financial crisis.Citi, like most US banks, will pay out their bankers’ bonuses in February.
The bank’s net income dipped more than 20 per cent in the fourth quarter from the year-earlier period.Fourth-quarter Revenue in fixed income markets, which houses sales and trading arms, jumped 31 per cent to a record $US3.2 billion from the year-earlier period, buoyed by strong trading volumes in foreign exchange and rates.A league table. The bank accounted for 17 per cent market share of Australian-announced MCiti was also the sixth-most prolific arranger of Australian bond deals, with US$9.
Australian investment banking and capital markets teams raked in about $4.5 billion in fees in 2022, down 10 per cent on 2021, theGlobally, however, investment banking fees in 2022 fell 36 per cent compared with record-breaking volumes achieved in 2021.
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