A view of the exterior of the Citibank corporate headquarters in New York. Photo: Reuters/Mike Segar

Bank stocks unofficially kicked off earnings season Thursday, revealing some lenders’ trading revenue has been hit hard by low volatility.

The Street reports that analysts at Societe Generale see more than 11% further downside for Citigroup, which dropped 4% at the end of last week. Shares are down 0.5% as of 2:30 pm in trading on Monday.

Analyst Andrew Lim cut Citigroup down to sell, lowering his price target to US$65. The drop would represent a 15% drop from the stock’s recent highs.

Despite solid earnings results for the quarter, Lim cites Citigroup’s excessive capital returns as one of the few positives, something already priced into the market. Group loan loss provisions and net charge-offs both came in worse than expected, and Lim is downbeat on net interest margin projections.