Citi reported lower revenue in its Securities and Fund Services business, while J.P. Morgan Treasury & Securities Services revenues grew, according to their fourth quarter 2011 earnings statements.
Citi Securities and Fund Services revenues dropped 10% year on year to the fourth quarter of 2011 to $659 million from $731 million. Assets under custody at Citi fell 1% to $12.5 trillion, which the firm attributes to the impact of foreign exchange.
Revenue across the company totaled $17.2 billion for the quarter, representing a decline of 7% over the same period the previous year.
In J.P. Morgans Treasury & Securities Services division, fourth quarter revenue was $2,022 million, up from $1,913 million in the fourth quarter of 2010. J.P. Morgan says Worldwide Securities Services revenue totaled $971 million in the quarter. Assets under custody at J.P. Morgan were $16.9 trillion, a rise of 5% over the previous year figure.
Net income for all of J.P. Morgan Chase was $3.7 billion for the quarter, down from $4.8 billion the year before.
(CG)