Ken Griffin's Citadel Securities logs 35% plunge in first-half revenue as low market volatility reduces trading opportunities

• Billionaire Ken Griffin's Citadel Securities saw a 35% plunge in revenue during the first half of 2023, according to Bloomberg.
• Citadel pulled in a net $2.73 billion during the six months through June, down from $4.2 billion in the year-earlier period.

Billionaire Ken Griffin's Citadel Securities logged a 35% slump in trading revenue during the first half of 2023 amid a decline in market volatility.

The capital-markets firm earned a net $2.73 billion during the six months through June, compared with $4.2 billion in the year-earlier period, sources close to the matter told Bloomberg.

The plunge comes amid fading investor angst over high inflation, interest rate hikes, and recession risks – creating a sense of calm in markets, and reducing opportunities to profit from outsized fluctuations.

Low stock-market volatility has been showcased in Wall Street's fear gauge, with the CBOE Volatility Index falling to its lowest level in 3 years last month, as US equities entered a new bull market.

According to Bloomberg, Citadel net trading revenue also took a dip during the second quarter of the year. It garnered $1.3 billion of net trading revenue, a fall from $1.9 billion during the same period last year.