FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

(Reuters) – Citigroup Inc (C.N) said on Monday that it expects net interest income to be up between 3% and 4% for the year, compared with prior guidance of 4% growth.

Speaking at the Barclays Financial Services Conference, Chief Financial Officer Mark Mason said the flattening of the yield curve and expectations of multiple interest rate cuts from the Federal Reserve by the end of the year have made the bank more cautious about its lending outlook.

Mason also said third quarter trading and investment banking fees are expected to be lower.

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