Q1 2017 revenue for Citi’s securities services subsection fell 3 percent due to “prior period divestitures”.
The bank added, however, that, excluding the divestitures, revenue increased 12 percent, driven by higher deposit balances and growth in assets under custody.
Meanwhile, J.P. Morgan’s markets and investor services revenue was up 14 percent overall in Q1. The bank put the improved figures down to higher markets revenue, which was increased by 13 percent.
As part of its markets and investor services business, J.P. Morgan’s securities services revenue was $916 million for the quarter, up 4 percent.
Equity markets revenue was up 2 percent, with strength in prime services and corporate derivatives.
J.P. Morgan also achieved record-breaking assets under management (AUM) of $1.8 trillion, up 10 percent.
Jamie Dimon, chairman and CEO of J.P. Morgan, commented: “We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year.”
“We demonstrated the strength of our corporate and investment bank platform, growing revenue strongly in banking and markets and maintaining leadership positions. Commercial banking continued its solid performance with record revenue and net income this quarter."
Asset and wealth management had strong underlying performance driven by record balances in banking, as well as record AUM and client assets.”