Citigroup highlights
1.61 EPS vs 1.55 estimate
Fixed income revenue $1.94B vs $2.23B estimate -- lowest since 2011
The market is focused on the miss in fixed income revenue with shares falling about 1.6% on the initial reaction. Recurring revenue is under pressure in things like stock underwriting, which was down 28% to $181 million. The big story is trading revenue which isn't the cash cow it once was.
This is the first big financial company to report Q4 earnings so its a bellwether for the rest of the market. Needless to say, it's not a great omen.