Citigroup 4Q Fixed-Income Revenue Declines 21% to Seven-Year Low

The transcript discusses the financial results of a company, highlighting a significant miss in expected revenue and a decline in FICC and equity market performance. Investment banking revenue showed growth, while volatility and tax cuts impacted financial outcomes. The discussion also covers cost guidance, efficiency targets, and the implications for major financial institutions like Citigroup, JP Morgan, Goldman Sachs, and Morgan Stanley.

What was the overall market reaction described in the text?

What challenges are mentioned regarding the banks' cost guidance?