Citadel Securities’ first-half net trading revenue slid 35% from last year’s volatility-fueled surge as the trading firm founded by Ken Griffin seeks to compete with the big banks.
The market maker generated $2.73 billion in revenue in the first six months of this year after a record $4.2 billion haul in the first half of 2022, according to people with knowledge of the matter. The figure has exceeded $1 billion for 14 straight quarters, the people said, asking not to be identified disclosing private information.
Interest-rate hikes, recession fears and Russia’s invasion of Ukraine generated trading windfalls last year, but that’s subsided as volatility eased. The biggest US banks pulled in $57.3 billion in trading revenue during the first half, down 8.3% from a year earlier. JPMorgan Chase & Co. took in the most, at $15.4 billion.
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