Citi sees Q4 trading revenue growth about 10%

Says credit costs in Q4 likely to be $1.7B-$1.9B. Says credit costs continuing to normalize in Q4. Sees Q4 investment banking revenue likely dropping 60%. Says U.S. recession likely in 2H23. Says in recession in Europe already. Says normalization of credit is happening, though at levels well below the pre-COVID level. Guidance taken from Goldman Sachs U.S. Financial Services conference.