Citigroup, the fourth-biggest US bank by assets, reported a 10.5% fall in quarterly profit today, hurt by lower revenue from equity trading.
The bank's net income fell to $3.84 billion, or $1.24 per share, in the third quarter ended September 30 from $4.29 billion, or $1.35 per share, a year earlier.
Total adjusted revenue fell 4% to $17.76 billion.
Analysts on average had estimated earnings of $1.16 per share. It was not immediately clear if the results were comparable.
Equity markets revenue fell about 34%, driven by lower market activity.
The bank had recorded a gain of $180m on the sale of a business in Mexico and a $140m valuation adjustment in its equity markets division in the third quarter of last year.
Citigroup, the most international of the large US banks, has been exiting less-profitable operations in markets around the world, consolidating back offices and cutting jobs to become leaner.
Adjusted revenue from Citicorp, the bank's core business, rose 0.6% to $16.88 billion, while expenses rose 3% to $9.58 billion.
Earlier, JPMorgan Chase & Co reported a 7.6% drop in quarterly profit after recording a tax expense, compared with a rare tax benefit a year earlier, but both revenue and profit beat analyst estimates.
Wells Fargo & Co reported a 3.7% fall in quarterly profit.
