In the first three quarters of 2021, the businesses Citi intends to exit together accounted for about $3.5 billion in revenue, $1.2 billion in earnings before tax, Citi said in a statement.
“Merrill advisors enter this year with tremendous momentum, having achieved best ever growth grid results in 2021, and many having had their best year ever,”
Bear Stearns, the smallest and most leveraged of the top banks in crisis, has earned a reputation as a vulnerable person on Wall Street.
Compensation firm Johnson Associates Inc said last month that bonuses for Wall Street staffers were expected to be at their highest this year since 2009, with investment bankers and equities traders in line for the biggest payouts.
On the trading side, results in the current period will likely be down about 10%, Pinto said, noting that the fourth quarter of last year was the unit’s best in history.