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Citigroup (C) Receives Average Rating of "Buy" from Brokerages
By: MarketBeat | December 10, 2021
Shares of Citigroup Inc. (NYSE:C) have received an average recommendation of "Buy" from the nineteen ratings firms that are currently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $80.26...
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Citigroup pauses buybacks briefly due to new capital rule -CFO
By: Reuters | December 8, 2021
NEW YORK (Reuters) -Citigroup Inc is pausing buybacks of its stock this quarter because of the expected impact of a new capital rule related to derivatives risks, Chief Financial Officer Mark Mason said on Wednesday.
Mason said the new rule, which banks must adopt by the first quarter, will likely increase Citigroup (NYSE:C)'s risk weighted assets by $60 to $65 billion and impact its Common Equity Tier 1 (CET1) capital ratio by 50 to 60 basis points.
Speaking at an investor conference, Mason said the bank is taking steps to mitigate the impact of the rule and will resume its buybacks in the first quarter at "levels close to" those of the third quarter.
The new rule, known as the Standardized Approach for Counterparty Credit Risk, is a complicated directive that sets out how banks should tally some of the risk-weighted assets against which they must hold capital. The higher the tally, the more capital the banks must hold.
The impact varies by bank and influences the return on capital that they report, a key profit measure.
In October, Morgan Stanley (NYSE:MS) said it expected the rule would add about $40 billion to its risk weighted assets, but Bank of America Corp (NYSE:BAC) adopted the rule earlier and saw its RWA tally decrease.
For Citigroup, having to suspend buybacks, even briefly, to build capital, is painful because its stock is cheap and has recently been trading for less than its book value.
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Citigroup’s Latest Appointment Shows Financial Institutions are Serious About Digital Assets
By: Hassan Maishera | November 23, 2021
• Financial institutions will continue to expand their presence in the digital asset space as more investors seek exposure to the market.
An increasing number of financial institutions are expanding their presence within the crypto, and digital asset sector as institutional investors demand exposure to the emerging market.
Citigroup Pushes Further into Digital Assets with Puneet Singhvi’s Appointment Citigroup, one of the leading financial institutions in the United States, has announced that Puneet Singhvi will be in charge of the digital assets division of its Institutional Clients Group (ICG). The appointment comes into effect on December 1 and signals the bank’s intention to expand its presence within the digital asset space.
The financial institution said it is set to hire 100 additional personnel to its digital asset division as the demand for the emerging market continues to increase. According to Emily Turner, head of business development at the ICG, the bank is currently exploring the possibility of providing digital assets to its clients.
Turner said, “Prior to offering any products and services, we are studying these markets, as well as the evolving regulatory landscape and associated risks in order to meet our own regulatory frameworks and supervisory expectations.”
Financial Institutions are Opening Cryptocurrency Asset Divisions
Citigroup is the latest financial institution to launch a division focused on cryptocurrencies and other digital assets. A few years ago, banks and other major financial institutions around the world were against cryptocurrencies, sometimes making it tough for investors to buy cryptos with cash.
However, the trend has changed in recent years, and more financial institutions are slowly embracing cryptocurrencies. JPMorgan, one of Bitcoin’s biggest critics, launched Onyx, a division focused on digital assets. The bank even went further to launch JPM Coin, its own digital currency.
In addition to JPMorgan, other leading financial institutions in the United States have entered the cryptocurrency space over the past few months. New York Mellon and Northern Trust are working on offering custodial services to their clients, while U.S Bank announced a few weeks ago that it would offer crypto custody services to money managers.
Goldman Sachs and Morgan Stanley have also entered the digital assets space. The adoption of cryptocurrencies and other digital assets by major financial institutions will increase over the coming months and years as more retail and institutional investors seek exposure to the cryptocurrency market.
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Chart Of The Day: Citigroup Stock Is Breaking Down
By: Investing.com | November 17, 2021
On Tuesday, while the broader market, including all four US major indices and even financial sector peers all gained, shares of Citigroup (NYSE:C) slumped.
The stock lost almost 1.5% yesterday, to close at $67.74. It was the equity's second straight day of losses. As well, C closed $12.55 lower than its 52-week high ($80.29), which it hit on June 2, for a 16% loss in value since that time.
It's difficult to understand why shares of a New York City-based global financial services company would decline amid speculation the Fed will raise rates—the bread and butter of lenders—more quickly than expected, pressured by inflation. But other big banks fell too.
Still, Citi's stock lagged. While Wells Fargo (NYSE:WFC) shed almost as much as Citi, with a 1.4% selloff, JPMorgan Chase (NYSE:JPM) dropped by half that, with just a 0.7% retreat. And Bank of America (NYSE:BAC) rose almost 0.1%.
It's not clear why financials tumbled, but perhaps they were swept in by the retreating Reflation Trade over the last few days, as tech growth shares led markets. Or possibly this paradigm is signaling that investors are losing faith in the economic recovery.
Whatever the fundamental case, technicals are providing a picture of weakness.
C Daily
The stock is on the cusp of completing an H&S continuation pattern. It may have completed a rising flag yesterday, bearish after a $4.80 drop within just six sessions.
Note how the volume rose alongside the creation of the flagpole—the sharp move before the stock began to range. Then, volume dried up amid the flag's body formation. Finally, the breakout was accompanied by a jump in volume. Volume indicates where participation is, and since Oct. 22, it has been with the bears.
The 50 DMA crossed below the 200 DMA, triggering a Death Cross, a nasty technical indicator, suggesting continued weakening.
The Relative Strength Index fell below its rising trendline, showing a momentum breakdown with the overall rally since July 19. The RSI attempted to climb back above the line but failed. This momentum indicator is famous for providing early calls for breakouts, suggesting our H&S will complete.
We measure an H&S by its height, at its smallest point. Therefore, we measure the pattern from its $74.64 head to the breakout of its right shoulder, by our estimate at around $67.64, forming a $7 minimum objective to about $60.
Trading Strategies
Conservative traders should wait for a downside breakout to $65, with at least a 3-day filter. Then, they'd wait for a return move to retest the resistance.
Moderate traders would wait for penetration to $66 with a two-day filter in order to avoid a bear trap.
Aggressive traders could go short at will, provided they accept the higher risk that goes with moving before the rest of the market, with less confirmation. Money management is crucial.
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$C downtrend channel reinforced with rejection at MA(20)
By: Markets & Mayhem | November 15, 2021
• $C downtrend channel reinforced with rejection at MA(20)
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Citigroup Inc. (C) Forecasted to Post Q1 2022 Earnings of $2.50 Per Share
By: MarketBeat | November 10, 2021
• Citigroup Inc. (NYSE:C) - Analysts at Oppenheimer issued their Q1 2022 earnings per share estimates for Citigroup in a research note issued on Monday, November 8th. Oppenheimer analyst C. Kotowski forecasts that the company will post earnings of $2.50 per share for the quarter. Oppenheimer also issued estimates for Citigroup's Q2 2022 earnings at $1.98 EPS, Q3 2022 earnings at $2.09 EPS, Q4 2022 earnings at $1.68 EPS and FY2023 earnings at $8.72 EPS...
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Citigroup warns of hefty charges from South Korea consumer business closing
By: Reuters | October 25, 2021
Citigroup Inc on Monday warned of significant charges related to the closing of its consumer banking business in South Korea, months after announcing its exit from 13 markets across Asia, Europe, Middle East and Africa.
The Wall Street lender's plan is part of Chief Executive Officer Jane Fraser's turnaround strategy to bring the bank's profitability and share price in line with its peers.
The charges will largely comprise payouts to employees related to voluntary termination benefits, discussions for which have already started with employee unions, Citigroup (NYSE:C) said, adding the charges will be spread across till the end of 2023.
The bank said it was, however, unable to estimate the charge it will take.
Besides South Korea, the bank will also divest its retail banking arms in Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it said in April.
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Citigroup Inc. (C) Given Consensus Rating of "Buy" by Analysts
By: MarketBeat | September 27, 2021
• Shares of Citigroup Inc. (NYSE:C) have been assigned an average recommendation of "Buy" from the twenty-two analysts that are covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $79.97...
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Citi launches tech hub in Bahrain to develop its digital platforms
By: Reuters | September 27, 2021
Citi launched on Monday a global technology hub at its Bahrain offices, the first of its kind in the region and with the aim of employing 1,000 coders over the next decade.
The hub, based at Citi's Bahrain premises, was set up in partnership with Tamkeen, a government-funded labour fund, and Bahrain's Economic Development Board (EDB), which are also investing, a Citi executive said.
Under the plan, Citi will hire at least 100 people in coding-related roles each year over the next 10 years.
The new hires will initially work on two of the bank's main platforms, Citi Velocity and Citi FX Pulse, said Ala'a Saeed, Citi FX's global head of electronic platforms and distribution.
"Selecting our two flagship systems to develop out of here in Bahrain is a huge endorsement of the talent and the calibre of people that we've found here," he said.
Tamkeen will subsidise a portion of the salaries and cover training costs locally and abroad, said Tamkeen Chief Executive Hussain Mohammed Rajab, without disclosing figures.
Bahrain, where Citi has operated for 50 years, has sought to market itself as a financial technology hub for the Middle East and North Africa in a bid to revive its reputation as a regional banking and business centre.
The heavily indebted state, which does not have the oil or gas resources of its Gulf neighbours, received a $10 billion bailout in 2018 from some of its Gulf allies to avoid a credit crunch.
(This story corrects name of Citi platform in paragraph 4)
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Citi hires Milovanovic from Goldman to head Americas financials M&A group
By: Reuters | September 16, 2021
NEW YORK (Reuters) - Citigroup Inc (NYSE:C) is hiring Steve Milovanovic to head its investment banking unit which focuses on mergers and acquisitions by financial institutions in the Americas, according to an internal memo seen by Reuters on Thursday.
Milovanovic will join from Goldman Sachs Group (NYSE:GS), where he was co-head of M&A for the financial institutions group (FIG) in the Americas, said the memo, the contents of which were confirmed by a Citigroup spokesperson.
"Steve’s experience, judgment and client relationships will further strengthen Citi’s strategic advisory capabilities," the memo said, noting that Milovanovic will be based in New York.
Milovanovic, who has also worked at Credit Suisse (SIX:CSGN) Group in his banking career, has more than 20 years of dealmaking experience, with a focus on financial services.
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Citigroup Expected to Announce Quarterly Sales of $17.25 Billion
By: MarketBeat | September 5, 2021
• Wall Street brokerages expect Citigroup Inc. (NYSE:C) to report sales of $17.25 billion for the current quarter, according to Zacks. Five analysts have made estimates for Citigroup's earnings. The highest sales estimate is $17.87 billion and the lowest is $16.78 billion. Citigroup posted sales of $17.30 billion during the same quarter last year, which would indicate a negative year over year growth rate of 0.3%. The company is expected to announce its next quarterly earnings results on Tuesday, October 12th...
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Citigroup Inc. (C) Short Interest Update
By: MarketBeat | September 2, 2021
• Citigroup Inc. (NYSE:C) was the recipient of a significant increase in short interest in the month of August. As of August 13th, there was short interest totalling 36,810,000 shares, an increase of 14.6% from the July 29th total of 32,130,000 shares. Currently, 1.8% of the shares of the company are sold short. Based on an average trading volume of 19,890,000 shares, the short-interest ratio is presently 1.9 days...
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Citigroup considering bitcoin futures trading for some institutional clients
By: Reuters | August 24, 2021
Citigroup Inc (NYSE:C) is considering offering bitcoin futures trading for some institutional clients, a spokesperson for the bank said on Tuesday, citing increased demand in the cryptocurrency space.
Bitcoin prices rose past $50,000 on Monday, after having weathered a crackdown by Chinese authorities on domestic cryptocurrency mining companies earlier this year, as mainstream adoption by corporations and the wider public gathers pace.
Media outlet Coindesk reported https://www.coindesk.com/citigroup-is-gearing-up-to-trade-cme-bitcoin-futures-sources earlier on Tuesday that Citi is awaiting regulatory approval to begin trading bitcoin futures on the Chicago Mercantile Exchange, citing a source within the bank.
"Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach," a Citi spokeswoman said in an email.
"We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks," she added.
The bank was weighing the option of providing cryptocurrency related services in May, according to a Financial Times report nL4N2MU1B8.
Business Insider reported https:// in late July that JPMorgan Chase & Co (NYSE:JPM) will allow all of its wealth management clients access to cryptocurrency funds.
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Bullish Case For Citigroup Strengthens As Outlook Improves
By: Geoff Considine, Ph.D | August 16, 2021
I last analyzed Citigroup (NYSE:C) on Feb. 25, about 5.5 months ago. At that time, I settled on a bullish rating for C, although there were some factors that suggested caution.
Since then, C has returned a total of 7.8%, as compared to a 13.98% gain for the S&P 500. During this period, there have been two quarterly earnings reports, Q1 on Apr. 15 and Q2 on July 14, and EPS substantially beat the consensus estimates for both (by 39% for Q1 and 45% for Q2). In this post, I update my analysis and illustrate that the outlook for C is considerably better than in February.
Source: Seeking Alpha
Back in February, the forward P/E for C was 10.2 and the stock had the lowest P/E of any of the top ten holdings of the iShares U.S. Financials ETF (NYSE:IYF). Today, the forward P/E for C is 7.47 and the trailing P/E is still the lowest among IYF’s top ten holdings.
The substantial decline in forward P/E, even as the share price has risen, shows that the earnings outlook has improved considerably since February.
Source: Seeking Alpha
Bank stocks tend to exhibit a substantial positive correlation to interest rates and C is no exception. Over the past year, C has tracked the 10-year Treasury yield quite closely, for example (see chart below).
The expectation of rising rates is no small part of the bullish view for Citigroup. Inflation looks increasingly persistent, and bond yields have started to rise from July lows.
Adjusted closing price of C vs. 10-year Treasury yield
Data source: Yahoo! Finance
The outlook for Citigroup depends on company strategy as well as interest rates and the broader economy. Rather than building my own bottom-up analysis for C using my economic view, I rely on two forms of consensus outlooks.
The first is the well-known Wall Street analyst consensus. The consensus price target has been shown to have predictive value if the dispersion between the analysts is not too high.
The second form of consensus that I look at is the market-implied outlook which is derived from the prices of options on a stock. The market-implied outlook represents the consensus estimate of the probabilities of price returns reflected in options prices at a range of strike prices. For those who are not familiar with the concept of the market-implied outlook, I have written an overview that includes examples and links to the relevant finance literature. I have applied this technique in articles on a wide range of stocks.
Wall Street Analyst Consensus Outlook
eTrade’s version of the Wall Street consensus combines the views of 8 ranked analysts who have set ratings and 12-month price targets for C within the past 90 days. The consensus rating continues to be bullish and the 12-month price target is $90.75, 23.7% above the current price.
The lowest of the analyst price targets is 0.47% below the current price. The highest price target, $114, matches the value from my past analysis, but the lowest price target, $73, is considerably higher than the previous low of $58.
Wall St. analyst consensus rating and 12-month price target for C
Source: eTrade
Seeking Alpha’s Wall Street consensus includes ratings and price targets of 25 analysts who have established or updated their views in the past 90 days. The consensus rating is bullish and the price target is $83.80, 14.4% above the current price.
The substantial difference between Seeking Alpha’s and eTrade’s consensus outlooks is why I look at both. No analyst in the Seeking Alpha cohort gives C a bearish rating and 18 are either Bullish or Very Bullish.
Wall St. analyst consensus rating and price target for C
Source: Seeking Alpha
The Wall Street consensus was also bullish in February, but the current price targets imply a substantially higher 12-month return than they did then. The expected 12-month price appreciation when I wrote my last analysis (link above) was in the range of 13.5% to 15.94%, as compared to 14.4% to $23.7% today.
Market-Implied Outlook
I have analyzed call and put options on C at a range of strike prices, all expiring on Jan. 21, 2022, to form the market-implied outlook for the next 5.3 months (from today until that expiration date). I analyzed the options with this expiration date because this period gives a view through the end of the year and because I analyzed the same option expiration in my previous analysis.
The standard presentation of the market-implied outlook is a probability distribution of price returns, with probability on the vertical axis and price return on the horizontal axis.
Market-implied price return probabilities for C
Chart timeframe: from today until Jan. 21, 2022 (Source: author’s calculations using options quotes from eTrade)
The market-implied outlook for C for the next 5.3 months is generally symmetric between positive and negative returns, although the peak probability is slightly tilted towards negative returns. The peak probability is at a price return of -1.6% and the median is -0.5%.
The annualized volatility derived from this distribution is 30%. The annualized volatility from my February analysis was 37%. The drop in volatility is consistent with the decline in market volatility since February.
To make it easier to directly compare the relative probabilities of positive and negative price returns, I rotate the negative return side of the distribution about the vertical axis (see below).
Market-implied price return probabilities for C
Market-implied price return probabilities for C for the 5.3-month period from today until Jan. 21, 2022. The negative return side of the distribution has been rotated about the vertical axis (Source: author’s calculations using options quotes from eTrade)
The probabilities of positive and negative returns match almost perfectly (the red dashed line is on top of the solid blue line) except for the slightly elevated probabilities of negative returns around the peak of -1.6%. There should be two dividend payments between now and Jan. 21, 2022, totaling $1.02. The dividend income of 1.4% almost exactly offsets the -1.6% return corresponding to the peak probability.
Because investors tend to be risk averse (paying more than fair value for put options), this almost perfectly symmetric market-implied outlook corresponds to a somewhat bullish view from the options market.
The market-implied outlook for C is notably more bullish than in my last analysis, in which the market-implied probabilities of negative returns were markedly higher than for positive returns of the same magnitude. At that time, the Jan. 21, 2022 options had 11 months until expiration and the maximum probability corresponded to a price return of -10%.
Summary
In February, the Wall Street consensus outlook for C was bullish and the market-implied outlook was moderately bearish. Today, the Wall Street outlook is more bullish and the market-implied outlook has improved to be bullish.
The forward P/E has fallen because of rising earnings expectations. The expected volatility of C has declined, such that the return-to-risk outlook is improved further.
Financial stocks face considerable uncertainty with regard to interest rates, along with other economic and business risks. The increasingly bullish outlooks from both the analysts and the options market suggests that the expected upside justifies these risks. My overall outlook for C is bullish.
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$C Not leading in it's sector like $BAC so would focus else where..
By: Options Mike | August 15, 2021
• $C Not leading in it's sector like $BAC so would focus else where.. $GS $MS new ATH's this can't even hit it's recent high..
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Citigroup tries hand as matchmaker for U.S. small businesses and local banks
By: David Henry | August 11, 2021
(Reuters) - Citigroup Inc (NYSE:C) is launching a pilot service to digitally match U.S. small- and medium-sized businesses with local and regional banks willing to lend them up to $10 million.
Citigroup, the third-biggest U.S. bank by assets, said it started the pilot on Wednesday with 18 banks in states in the Southeast, plus Texas, Colorado and Nebraska.
The service was developed out of a Citigroup innovation lab and the pilot phase will not earn any fees or interest revenue for the bank, said Rohit Mathur, a Citigroup senior vice president and a leader of the effort.
"We want to see how the borrowers and lenders interact," Mathur said. "We're hoping to have good responses and we'll use the data to decide what we do next."
Among big banks, Citigroup has relatively few U.S. branches, with 659 concentrated in six big cities. Bank of America Corp (NYSE:BAC) , JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo (NYSE:WFC) & Co each have more than 4,000 branches spread throughout the country.
Citigroup has saved money by cutting back on branch buildings and staff in favor of offering deposit and credit card accounts online. The strategy has left it with fewer places where smaller businesses might talk with lending officers who know their communities.
Citigroup said the digital service it has developed will make it easier for businesses to submit their financial information to several lenders and shop for loans, as opposed to the old method of going to local banks individually.
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Citigroup (C) Requires Employees to Be Vaccinated
By: TheStreet | August 10, 2021
• Citigroup tells employees in the New York area and other big U.S. cities that they’ll need to be vaccinated.
Citigroup (C) is joining a growing list of companies requiring employees to be vaccinated, as businesses attempt to reopen after the COVID-19 pandemic shutdown.
Shares of the New York company were rising 2.35% to $73.20 at last check Tuesday.
Citigroup said that starting Sept. 13, employees in the New York area, Chicago, Boston, Washington D.C. and Philadelphia that will be required to return to the office at least two days a week and be vaccinated.
"Given the increased number of employees returning to these buildings, and the Delta variant in the U.S., we are taking this approach to ensure a safe workplace," the company said in a memo.
The highly-contagious COVID-19 Delta variant is currently the predominant strain of the virus in the United States.
Staffers at the company’s bank branches are encouraged but
not required to get COVID-19 vaccines. Mask-wearing is required
for all office and branch workers regardless of whether they’ve
gotten shots.
More than a dozen large U.S. corporations, including Walmart (WMT), Tyson Foods (TSN) and United Airlines (UAL) have recently announced vaccine mandates for some or all of their workers.
In June, Morgan Stanley (MS) said that unvaccinated staff and clients will be barred from entering offices.
Other financial institution like JPMorgan Chase (JPM), Goldman Sachs (GS) and BlackRock (BLK) have instructed their employees to give their vaccine statuses.
Last month, Google parent company Alphabet (GOOGL) said it is delaying its planned return to work for most employees until October and will require anyone working on its campuses to be fully vaccinated against COVID-19. Facebook (FB) is also requiring U.S. workers returning to its offices to be vaccinated.
Last week, New York City became the first city in the United States to require vaccines in some indoor activities. Mayor Bill de Blasio mandated proof of vaccination for indoor dining, gyms, and entertainment centers.
The mandate goes into effect on Aug. 16, with full enforcement beginning in early September.
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Citigroup Follows Wall Street Rivals With Reserve Release Earnings Beat
By: TheStreet | July 14, 2021
• “The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising," said Citigroup CEO Jane Fraser after stronger-than-expected second profits.
Citigroup (C) posted better-than-expected second quarter earnings Wednesday as the bank followed its Wall Street rivals in flattering its bottom line with the release of credit loss provisions booked during the peak of the coronavirus pandemic.
Citigroup said earnings for the three months ending in June were pegged at $2.85 per share, up nearly five fold on an adjusted basis from the same period last year and firmly ahead of the Street consensus forecast of $1.98 per share. Group revenues, Citigroup said, fell 11.5% to $17.5 billion, just ahead of analysts' estimates of a $17.3 billion tally.
Citigroup also said it released around $2.4 billion linked to credit loan provisions set aside during the peak of the coronavirus pandemic.
“The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising," said CEO Jane Fraser. "We saw this across our businesses, as reflected in our performance in Investment Banking and Equities as well as markedly increased spending on our credit cards."
"While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead," she added.
Citigroup shares were marked 0.2% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $68.50 each.
Earlier this week, JPMorgan Chase (JPM) posted a 37% increase in investment banking revenues that helped offset an 8% slump in net interest income.
JPMorgan said earnings for the three months ending in June were pegged at $3.78 per share, up 174% from the same period last year and well ahead of the Street consensus forecast of $3.18 per share.
Goldman Sachs Group (GS) also used a 36% surge in investment banking revenues, alongside a topline gain in asset management, to post stronger-than-expected earnings of $15.02 per share Tuesday, nearly 140% higher than last year's tally and firmly ahead of the Street consensus forecast of $10.24 per share.
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$C Total Debt (mrq) $571.09B
Citi cuts exposure to South Africa bonds, FX amid social unrest
By: Reuters | July 13, 2021
LONDON (Reuters) - Citi reduced its overweight position in longer-dated South Africa government bonds and said it established an underweight in the rand, citing expectations that social unrest could continue.
Crowds clashed with police and ransacked or burned shopping malls in South Africa with dozens reported killed as grievances unleashed by the jailing of former president Jacob Zuma boiled over into the worst violence in years.
"Following a couple of days of heightened social unrest in South Africa, it is time to take a step back and reflect on the causes and consequences of the current noise," Citi's Luis Costa said in a note to clients.
"We believe these unfortunate recent developments may have further legs and important consequences to the Ramaphosa government and, most importantly, formation of any consensus in an already divided ANC."
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Citigroup Could Sell off Into the 50s
By: Alan Farley | July 12, 2021
• The banking giant fared poorly compared to rivals in the latest Fed Stress Test results released in June.
Citigroup Inc. (C) reports Q2 2021 earnings in Wednesday’s pre-market, with analysts looking for a profit of $1.91 per-share on $17.3 billion in revenue. If met, earnings-per-share (EPS) will mark a nearly 400% profit increase compared to the same quarter last year, which featured a temporary respite from the COVID-19 pandemic. The stock sold off about 9% in the week following April’s Q1 release, despite beating top and bottom line estimates.
Fails to Raise Dividend
Bank stocks took off in strong uptrends in the first quarter after bond yields escalated in reaction to inflationary data that would generate stronger industry profits. However, the bond tide has turned since April, lifting iShares 20+ Year Treasury Bond ETF to the highest high since February. Taken together with fears that COVID variants will weigh on worldwide economic growth into 2022, many investors have taken sector profits and moved to the sidelines.
The company fared poorly compared to rivals in the latest Fed Stress Test results released in June and was forced to raise its Stress Capital Buffer Requirement from 2.5% to 3%. It also had to forego a dividend increase, unlike most rivals, making shares less attractive. As a result, it’s no surprise that selling pressure has escalated in recent weeks, dropping the stock to a 4-month low while accumulation has slumped to an 8-month low.
Wall Street and Technical Outlook
Wall Street consensus is modestly bullish, with an ‘Overweight’ rating based upon 16 ‘Buy’, 1 ‘Overweight’, and 8 ‘Hold’ recommendations. No analysts are recommending that shareholders close positions and move to the sidelines. Price targets currently range from a low of $66 to a Street-high $114 while the stock is set to open Monday’s session just $2 above the low target. This poor placement reflects a decline in bullishness about the trajectory of interest rates.
Citigroup rallied to a 10-year high near 80 in January 2018 and turned lower into year’s end. It failed a breakout in January 2020 and rolled over, dropping to a 7-year low in March. The subsequent uptick reversed three points below the prior high in June 2021, ahead of a decline that’s testing long-term support for the first time since November. Aggressive distribution in the last six weeks predicts that bears will eventually win this battle, dumping the stock into the 50s.
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Citigroup (C) Set to Announce Earnings on Wednesday
By: MarketBeat | July 7, 2021
Citigroup (NYSE:C) is scheduled to be posting its quarterly earnings results before the market opens on Wednesday, July 14th. Analysts expect Citigroup to post earnings of $1.94 per share for the quarter. Individual that wish to listen to the company's earnings conference call can do so using this link...
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Citigroup to raise base pay for junior bankers - memo
By: Reuters | July 2, 2021
Citigroup Inc (NYSE:C) will lift the base salaries of its junior investment bankers, according to an internal memo seen by Reuters days after media reports of a similar move by rival JPMorgan Chase & Co. (NYSE:JPM)
The memo, dated Friday, said the salary raises for program vice-presidents, associates and analysts in the Wall Street firm's banking, capital markets and advisory (BCMA) division would be effective from July 1.
Wall Street banks have been rolling out incentives to younger staff after a group of first-year analysts at Goldman Sachs complained of long hours and "unrealistic deadlines" in an internal survey in March.
Citigroup will also continue to focus on wellness initiatives in the unit to ensure bankers have sufficient time off, BCMA co-heads Tyler Dickson and Manuel Falcó said in the memo.
The bank has previously said that most of the roles at Citi would be designated as "hybrid" post-pandemic, allowing employees to work from home for up to two days a week.
That was in contrast to rivals Morgan Stanley (NYSE:MS), JPMorgan and Goldman Sachs Group Inc (NYSE:GS) which are envisioning a return to office like before the health crisis struck.
Citi's pay raises were earlier reported by Insider, which also said on Monday that JPMorgan had raised base salaries for first-year analysts to $100,000 before bonus.
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Citigroup to maintain 51 cents per share dividend, share repurchases
By: Reuters | June 28, 2021
• (Reuters) - Citigroup Inc (NYSE:C) said on Monday it expects to continue with its planned quarterly common dividend of at least 51 cents per share, announced in April this year.
The bank also said it expects to continue with its share repurchases.
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Citi names new co-heads of EMEA consumer products investment banking - memo
By: Pamela Barbaglia | June 25, 2021
LONDON (Reuters) - Citigroup (NYSE:C) has named new co-heads of its consumer products investment banking business for Europe, the Middle East and Africa as part of a push to reinforce its presence in key industries, according to a memo seen by Reuters.
Emre Eler and Robert Plowman will share responsibilities for the consumer business in EMEA which has been identified as a core area for growth as companies across the world adjust to changing consumer habits.
"The consumer products sector is undergoing a fundamental transformation, driven by both digitisation and sustainability," said Nacho Orrantia-Gutierrez, Citi's new head of EMEA banking, capital markets and advisory.
"These megatrends are expected to underpin significant business activity in the coming years as our clients adapt to meet consumer demands for a more sustainable, accessible and healthy lifestyle," he added.
The Wall Street bank has also elevated Italian banker Roberto Costa - who recently advised on LVMH's acquisition of Tiffany and Moncler's purchase of Stone Island - to head its luxury investment banking business globally. He will report to both Orrantia-Gutierrez, who took over in May, and the bank's global consumer and retail head Clay Hale.
The latest appointments follow Citi's decision to launch a new franchise in New York focusing on global healthcare, consumer and wellness to better coordinate its existing operations and respond to a growing convergence among fast-changing sectors.
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Wow, what a load of crap.
15 rate it a buy?
Of course it's price will go up.
Should it?
Probably not, the economy is still in the tank and we're moving into a recession. The housing market is crap. Unemployment is still high. Government debt is soaring. Rate hikes won't be coming, it's all pie in the sky b/s.
But OK, let's run it up.
JFC.
Citigroup Inc. (C) Given Consensus Rating of "Buy" by Analysts
By: MarketBeat | June 19, 2021
Shares of Citigroup Inc. (NYSE:C) have received a consensus rating of "Buy" from the twenty-six analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, fifteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $77.69...
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Options Bears Blast Citigroup (C) Stock Amid Losing Streak
By: Schaeffer's Investment Research | June 18, 2021
• Citigroup is on track to log its 12th straight loss
• C options premium is affordably priced at the moment
Lost in the shuffle of meme stocks, inflation, and everything else going on is a bank stock on the coldest of cold streaks. The shares of Citigroup Inc (NYSE:C) are down 1.9% at $67.57 at last check, pacing for what would be their 12th consecutive loss. Though the catalyst for this ongoing negative price action is unclear, the bank stock has managed to shed 14% over these last 11 sessions. C has now breached its 100-day moving average for the first time November 2020. Longer term, C is up 11.3% year-to-date.
Options bears are responding to the dip. In fact, in the first hour of trading, 13,000 puts have exchanged hands -- triple the intraday average -- versus 9,713 calls. The two most popular contracts are the September 60 and 65 puts, meaning options traders expect even more downside for Citigroup stock in the upcoming months.
These premiums are reasonably priced at the moment, too, per the stock's Schaeffer's Volatility Index (SVI) of 29%, which sits in just the 14th percentile of readings from the past year. This implies that options players are currently pricing in relatively low volatility expectations. Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at a 92 out of 100, meaning C has exceeded option traders' volatility expectations during the past year.
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Citi Surprise Indices Surging But Not Everywhere
By: Bespoke Investment Group | June 14, 2021
It is a boring start to the week with nothing on the docket for earnings, Fed speakers, or economic data. With regards to the latter, the slate will pick up tomorrow with several US releases including retail sales, PPI, industrial production, and more. Expectations for tomorrow's releases are a bit mixed relative to the prior readings in each indicator, but overall, recent US data has been beating expectations at a healthy rate. The charts below show the Citi Economic Surprise indices for a variety of global regions and the US. Positive readings in these indices indicate economic data is coming in above forecasts, and vice versa for negative readings. Additionally, higher positive or negative readings would mean that economic data is exceeding or coming up short of those forecasts by a wider margin.
Currently, the US index is well off record levels from the past year, but it has bounced since the start of June. The index has risen 42.7 points in the ten days from the end of May to last Friday. That move stands in the top 2% of all 10-day changes since the index began in 2003. That also comes not even a full month after the index saw its first negative reading in a year. While the negative reading was far from anything extreme, the sharp rebound has been impressive, leaving the index at a historically healthy level in the 83rd percentile.
The US is not alone in having seen a rebound. Although it is similarly off the peak from last summer and generally trending lower since then, the global index has consistently sat at the high end of its historical range over the past year. The current reading is still in the top 1% of all periods, and the move higher over the past ten days is again dramatic ranking in the top 5% of ten-day changes in the index's history. While the jump in the US index has likely played at least some part in this, other regions around the world are also pulling weight having seen just as, if not more, significant moves. Sticking with a look at the move over the past ten days, the gains for the indices covering APAC and Central/Eastern Europe, the Middle East, and Africa all rank in the 98th percentile while the move in the index tracking Latin American countries ranks in the top decile. Each of these indices now sits in the top 1% or 2% of their historical ranges. One outlier region not contributing to the pickup in the global index has been Europe. While the Eurozone index is far from weak, it has not seen much of a move higher recently as other regions have.
Likely thanks to the weakness in Eurozone countries, a similar dichotomy can be seen comparing the indices for major developed economies (the G10 members) and emerging market countries. While the index tracking major economies has simply held up at healthy levels, the emerging markets index has leaped to new record highs, breaking well above the previous records set earlier in the pandemic. BRIC countries in particular are some to thank for that sharp move higher as the index has seen one of its largest short-term moves on record.
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Wells Fargo & Company Boosts Citigroup (C) Price Target to $95.00
By: MarketBeat | June 8, 2021
• Citigroup (NYSE:C) had its price target hoisted by research analysts at Wells Fargo & Company from $88.00 to $95.00 in a note issued to investors on Tuesday, The Fly reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 19.78% from the company's previous close...
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Citigroup (C) Expected to Announce Quarterly Sales of $17.79 Billion
By: MarketBeat | May 30, 2021
Wall Street analysts expect that Citigroup Inc. (NYSE:C) will post sales of $17.79 billion for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Citigroup's earnings, with estimates ranging from $17.55 billion to $18.02 billion. Citigroup reported sales of $19.77 billion in the same quarter last year, which indicates a negative year over year growth rate of 10%. The business is expected to report its next earnings results on Tuesday, July 13th.
On average, analysts expect that Citigroup will report full-year sales of $71.44 billion for the current year, with estimates ranging from $70.26 billion to $72.11 billion. For the next financial year, analysts anticipate that the business will report sales of $72.08 billion, with estimates ranging from $70.45 billion to $74.24 billion. Zacks' sales averages are a mean average based on a survey of sell-side analysts that cover Citigroup.
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Citigroup names Landis as head of investor relations - memo
By: Reuters | May 19, 2021
Citigroup Inc (NYSE:C) named Jennifer Landis to be its new head of investor relations, according to a memo from Chief Financial Officer Mark Mason which was distributed on Wednesday and seen by Reuters.
Landis has been working at JPMorgan Chase & Co (NYSE:JPM) where she was chief financial officer for the middle market banking and specialized industries business, the memo said. The appointment is effective Aug. 15.
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Citigroup Coverage Gives Energy-Sector Staple a Boost
By: Schaeffer's Investment Research | May 14, 2021
• Citigroup reinstated coverage on General electric with a "buy" rating
• The equity is up over 130% in the last 12 months
It's been a volatile week for the energy sector, with last weekend's Colonial Pipeline ransomware attack dictating much of the space's movement throughout the week. General Electric Company (NYSE:GE) is no exception, with shares rushing to a May high of $13.58 on Monday before taking a nosedive. Yesterday's broad-market surge helped give the equity a leg up, and it looks like this positive price action is being extended into today's trading.
The equity is up 1.5% at $13.17 this morning, after Citigroup reinstated coverage on the equity with a "buy" rating and a $17 price target. The analyst noted a "gradual but likely" recovery for General Electric's aviation unit, as well as the company's progress in rebuilding itself, which could spark "material upside" for the stock.
The pop has put GE just shy of its 60-day moving average -- a long-term area of support that the equity slipped under over the last two sessions. The 80-day, however, kept most of this week's losses in check, helping GE maintain its impressive year-over-year lead of 130.4%.
Coming into today, the brokerage bunch was split on the the equity. Five of the analysts covering GE called it a "buy" or better, while five said "hold." The 12-month consensus price target of $14.54, meanwhile, is a 10.7% premium to current levels.
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Citigroup forms energy transition group within investment banking - memo
By: Reuters | May 13, 2021
Citigroup Inc (NYSE:C) has created a unit within its energy investment bank dedicated to the clean energy transition, aiming to capture more business from the shift towards a lower carbon economy, according to an internal memo seen by Reuters.
The entity will be headed by Serge Tismen and Shail Mehta, and will focus on companies including those involved in hydrogen, charging infrastructure, carbon capture and sequestration and biofuels, said the memo, the contents of which were confirmed by a bank spokeswoman on Thursday.
The move comes after Citigroup said in March it would consolidate three of its investment banking units - energy, power, and chemicals - into a single entity that would be more responsive to clients' focus on sustainability.
The Clean Energy Transition sector will sit within that group and cover both public and private entities, as well as private equity and venture capital firms and their respective portfolio companies focused on green energy. Firms involved in renewable power generation will remain with bankers in the broader group.
"Clean energy transition is a global super trend that is accelerating rapidly and will last decades," said the memo, adding that to appropriately meet the challenges of the shift, the bank needed "a clearly defined identity, dedicated resources, intense focus and direct accountability".
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Citigroup (C) to pay NY mayor candidate and former executive McGuire over $5.7 million
By: Reuters | April 22, 2021
Former Wall Street executive and Democratic candidate for mayor of New York Ray McGuire will receive more than $5.7 million from Citigroup Inc (NYSE:C) as part of a bonus program, according to his annual financial disclosure report.
McGuire was one of the senior-most Black executives on Wall Street till he left Citi last year after 15 years in various roles to join the mayor's race.
"Under our regular annual bonus program, a large portion of compensation earned by an employee each year is not paid when earned, but rather is delivered over a four-year period," a spokeswoman for Citi said on Thursday.
"The treatment of Mr. McGuire's deferred amounts follows our standard policy for employees who retire after long service with Citi."
He will receive the money in four equal installments between 2022 and 2025, the filing showed.
McGuire headed Citi's corporate and investment banking unit for 13 years and was also chairman of banking, capital markets and advisory. Prior to Citi, he was with Morgan Stanley (NYSE:MS).
The move into politics for McGuire, who until recently held the title of vice chairman at Citi, came after he was on a short list of candidates to head the New York Federal Reserve in 2018.
A successful candidacy would make McGuire only the second Black mayor of America's largest city, after David Dinkins' stint in the 1990s.
McGuire is not the first Wall Street executive to dabble in politics. Billionaire Michael Bloomberg was New York mayor from 2001-2013, and Phil Murphy, a former Goldman Sachs (NYSE:GS) banker, is the current governor of New Jersey.
News of the bonus payments was first reported by CNBC earlier on Thursday.
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Texas wind farms sue Citigroup (C) over charges from winter storm
By: Liz Hampton | April 21, 2021
(Reuters) - A Canadian renewable energy firm on Wednesday sued Citigroup Inc (NYSE:C) for rejecting force majeure declarations during a February winter storm and billing it over $100 million for replacement power, according to lawsuits filed in a Texas state court.
Shannon Wind and Flat Top Wind, subsidiaries of Innergex Renewable Energy Inc, operate North Texas wind farms that halted their wind turbines during an arctic deep freeze. Both had agreements to physically deliver power to Citi Energy, a unit of Citigroup Inc, at fixed prices.
Unusually frigid temperatures knocked out nearly half of the state's power plants in mid-February, leaving 4.5 million people without heat or light for days and bankrupting at least three companies due to high wholesale power prices.
The wind firms, partly owned by Starwood Energy Group Global and BlackRock Inc (NYSE:BLK), respectively, declared force majeure after their turbines froze. But, their lawsuits in Harris County District Court claimed, Citi ignored the declarations and invoiced them for electricity it bought at inflated prices.
Citi declined to comment, and Starwood did not have an immediate comment. BlackRock and Innergex did not immediately respond to requests for comment.
Citi billed Shannon Wind for $39.5 million for four days of electricity, and billed Flat Top Wind for $79.3 million for seven days of electricity, according to the suits filed in Harris County District Court, Houston.
The invoices represent more than their projected revenues for the entire year, the lawsuits said, claiming Citi Energy "improperly defaulted," and is poised to foreclose on both projects.
The lawsuits asked the court to prevent Citi Group from taking further action after the wind companies were advised that they have until Friday to pay their invoices.
Citi billed for replacement power at $9,000 per megawatt hour, versus the roughly $22 to $26 per megawatt hour under their contracts.
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Citi taps Drury to lead newly launched Tech & Comms franchise - memo
By: Pamela Barbaglia | April 19, 2021
LONDON (Reuters) - Citigroup (NYSE:C) has tasked one of its most senior London-based bankers with leading its new technology and communications franchise as the sector benefits from a wave of deals triggered by digital disruption.
British-born Philip Drury, who has been leading Citi's banking, capital markets and advisory business across Europe, the Middle East and Africa since 2018, will quit London to take on a new global role as Tech & Comms' head out of San Francisco.
Digital transformation has proved to be a key driver of dealmaking since the second half of 2020, with companies around the world using technology and data analytics to cope with the fallout of the coronavirus pandemic.
"Tech & Comms is one of the fastest growing franchises in global banking, capital markets and advisory and represents one of the greatest opportunities to close our competitive gap," said the memo, which was signed by the co-heads of Citi's banking, capital markets and advisory business globally, Tyler Dickson and Manuel Falco.
Drury joined Citi in 2000 as an equity capital markets banker based in New York and quickly rose through the ranks to lead the ECM coverage in the Americas in 2011.
The Tech & Comms team, which includes three global heads of communications, Gordon Kroft, Dan Richards and Wilhelm Schulz, will support Citi's financial institutions group to make a joint push on fintech advisory.
Drury will remain in charge of the banking, capital markets and advisory (BCMA) business until a successor is found.
Citi also announced that BCMA's vice chairman Mark Hantho will become chairman of the Tech & Comms unit.
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Citigroup (C) on Hong Kong hiring spree in effort to triple client numbers
By: Reuters | April 16, 2021
HONG KONG (Reuters) - Citigroup Inc (NYSE:C) will hire 300 new relationship managers in Hong Kong and plans to triple client numbers and double assets under management in its wealth management business in the Asian financial hub, it said on Friday.
The announcement comes a day after the U.S. bank said it would withdraw from consumer banking in 13 markets in Asia and Europe, including Australia, mainland China, Korea and Thailand. The group plans instead to focus its east Asian consumer banking business on the "wealth centres" of Hong Kong and Singapore.
Many large global banks are looking to provide more services to wealthy clients in Asia, both the newly affluent and the super rich.
HSBC's latest strategy, for example, has a focus on wealth management in Asia.
“Hong Kong customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures ... we are fully committed to serving these needs," Lawrence Lam, Chief Executive and Consumer Business Manager for Citibank Hong Kong, said in the statement.
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Citigroup Rises After Beating Wall Street's Earnings Forecasts
By: TheStreet | April 15, 2021
• Citigroup shares were higher after the banking giant steamrolled over Wall Street's first-quarter-earnings expectations.
Citigroup (C) was climbing Thursday after the banking giant steamrolled over Wall Street's first-quarter earnings expectations.
Shares of the New York financial-services company at last check were up nearly 3% to $75 a share.
Citigroup reported net of $7.9 billion, or $3.62 a share, triple the earnings of $2.5 billion, or $1.06 a share, in the year-earlier quarter.
Analysts surveyed by FactSet had forecast earnings of $2.60 a share.
Revenue totaled $20.7 billion, down 7% from a year earlier. Wall Street was looking for revenue of $18.8 billion.
Citigroup has raised more than any other bank for special-purpose-acquisition companies this year, according to Bloomberg, as managers of the vehicles set out to hunt unspecified takeover targets.
The bank said that higher revenue in investment banking and equity markets was more than offset by lower interest rates, the absence of prior-year mark-to-market gains on loan hedges within the institutional clients group, and lower card volumes in global consumer banking.
“It’s been a better than expected start to the year, and we are optimistic about the macro environment," said Jane Fraser, who recently took over as the new CEO of Citigroup, becoming the first woman to lead a major U.S. bank.
"We reported record net income driven by strong performance in our Institutional Clients Group and a significant release from our allowance for credit losses, as a result of the improving economic outlook," Fraser said.
While global consumer banking revenues were down quarter-over-quarter as a result of the pandemic, Fraser said, "this is the healthiest we have seen the consumer emerge from a crisis in recent history."
Citigroup said it planned to close retail banking operations in 13 countries across Asia and parts of Europe.
"As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth," Fraser said.
Separately, Bank of America (BAC) reported stronger-than-expected first-quarter earnings Thursday.
The results included the release of $2.7 billion in reserves set aside to cover bad loans during the peak of last year's pandemic. The banking firm also plans a $25 billion share buyback.
In addition, several banks reported earnings on Wednesday.
Goldman Sachs (GS) posted stronger-than-expected first-quarter earnings Wednesday thanks in part to surging investment bank revenue.
JPMorgan Chase (JPM) posted much stronger-than-expected first-quarter earnings as the biggest U.S. bank released around $5.2 billion in previous provisions for bad loans.
Wells Fargo (WFC) beat Wall Street's first-quarter earnings expectations after the bank released $1.6 billion of reserves for bad loans.
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Citigroup (C) Price Target Increased to $85.00 by Analysts at Jefferies Financial Group
By: MarketBeat | April 10, 2021
Citigroup (NYSE:C) had its price objective raised by Jefferies Financial Group from $75.00 to $85.00 in a note issued to investors on Friday, The Fly reports. The firm currently has a "buy" rating on the stock. Jefferies Financial Group's target price suggests a potential upside of 17.52% from the company's current price.
A number of other equities research analysts have also recently issued reports on the company. Daiwa Capital Markets assumed coverage on Citigroup in a research report on Wednesday, January 6th. They set a "buy" rating and a $75.00 target price for the company. TheStreet upgraded Citigroup from a "c" rating to a "b" rating in a report on Friday, January 15th. Edward Jones lowered Citigroup from a "buy" rating to a "hold" rating in a report on Monday, March 29th. Deutsche Bank Aktiengesellschaft upped their price target on Citigroup from $58.00 to $66.00 and gave the stock a "hold" rating in a report on Wednesday, March 24th. Finally, Barclays upped their price target on Citigroup from $77.00 to $84.00 and gave the stock an "equal weight" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Citigroup presently has an average rating of "Buy" and a consensus price target of $73.20.
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Citigroup (C) to Release Earnings on Thursday
By: MarketBeat | April 8, 2021
Citigroup (NYSE:C) is set to announce its earnings results before the market opens on Thursday, April 15th. Analysts expect the company to announce earnings of $1.98 per share for the quarter. Investors that wish to listen to the company's conference call can do so using this link.
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Top Analyst Reports for Citigroup
By: Mark Vickery | April 7, 2021
Citigroup’s shares have gained +61.4% over the last six months against the Zacks Major Regional Banks industry’s gain of +51.4%. The Zacks analyst believes that Citigroup’s streamlining efforts, along with strategic investments in core business, bode well.
Also, net interest revenues will likely be supported by loan growth and mix, despite the low interest-rate environment. Further, a manageable debt level makes Citigroup less likely to default interest and debt repayment obligations in case of any economic downturn.
However, pending litigation issues might keep legal expenses elevated for the company. Additionally, a subdued consumer banking business might dent Citigroup's fee income base to some extent.
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Slow trickle back down to $70 again here, or will we see it reach the $76 target??
Citigroup Cut to Peer Perform From Outperform by Wolfe Research
11:48 am ET April 5, 2021 (Dow Jones) Print
Ratings actions from Benzinga: https://www.benzinga.com/stock/C/ratings
2021-04-05 15:48:00 GMT DJ Citigroup Price Target Announced at $76.00/Share by Wolfe Research
Ratings actions from Benzinga: https://www.benzinga.com/stock/C/ratings
(END) Dow Jones Newswires
April 05, 2021 11:48 ET (15:48 GMT)
Citigroup Taps Goldman's Erika Irish Brown as Diversity Chief
By: TheStreet | March 26, 2021
• Citigroup has hired Goldman's Erika Irish Brown to lead its representation goals, diversity efforts and equity and inclusion work across the organization.
Citigroup (C) announced on Friday that it had tapped rival Goldman Sachs' (GS) chief diversity officer Erika Irish Brown to head up its up own diversity efforts.
In a company blog post, Citi's head of human resources Sara Wetcher wrote that Brown will join the bank in a few months as its new chief diversity, equity and inclusion officer and global head of talent.
Brown will drive Citi’s agenda on talent planning, succession planning, and leadership development while strengthening its diversity, equity, and inclusion work across the company.
"There is tremendous momentum behind our efforts to create a diverse, equitable and inclusive culture -- from our pay equity work, representation goals, expansion of diverse interview panels and interview slates, unique engagement with Historically Black Colleges and Universities (HBCUs) and more," Wetcher wrote.
“There is so much great work going on across the firm, and Erika will bring a fresh perspective,” Wechter added. “We are very excited to have her at Citi and know she will bring innovative ideas and initiatives that will help us think differently."
Brown previously was the first global head of diversity and inclusion at Bloomberg. At Goldman Sachs, Brown helped launch their diversity goals, board diversity efforts and the “One Million Black Women” initiative in which the bank vowed to invest $10 billion to address biases that black women face.
On Thursday, shares of banks rose in after-hours trading after the Federal Reserve said it plans to lift restrictions on bank dividends and share buybacks for most firms after June 30.
Earlier this week, Citigroup CEO Jane Fraser said she was implementing a ban on Zoom video calls on Fridays as part of an initiative called "Zoom-Free Fridays" to ease stress on employees of the financial giant. She also encouraged employees to take vacations.
Shares of Citigroup were rising 1.39% to $72.72 at last check on Friday.
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Citigroup CEO Jane Fraser calls for Zoom-Free Fridays and new bank holiday as pandemic fatigue grows
By: Hugh Son | March 23, 2021
Citigroup CEO Jane Fraser told staff that she is banning internal video calls on Fridays, encouraging staff to set boundaries for a healthier work-life balance and instituting a firmwide holiday called Citi Reset Day as Covid pandemic fatigue takes a toll on employees.
Fraser, who took over for predecessor Mike Corbat this month, told staff of the changes in a memo sent Monday afternoon to her 210,000 employees around the world, according to a person with knowledge of the matter.
?The blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being,” Fraser said in the memo. “It’s simply not sustainable. Since a return to any kind of new normal is still a few months away for many of us, we need to reset some of our working practices.”
The Citigroup memo was sent the day after Goldman Sachs CEO David Solomon was forced to address his staff after an internal survey of first-year analysts, reported by CNBC last week, went viral. The survey detailed brutal working conditions at the premier investment bank, including employees’ health concerns about working more than 100 hours a week, as well as more mundane issues like junior bankers being ignored in meetings.
Fraser said that while Zoom meetings with clients and regulators will still happen on Fridays, employees will conduct meetings over the telephone to give workers a break from nonstop videoconferences.
She also designated Friday, May 28, as a firmwide holiday called Citi Reset Day and encouraged employees to only schedule calls during what would be considered traditional working hours. Parts of the memo were reported on earlier by Financial News.
“When our work regularly spills over into nights, very early mornings and weekends, it can prevent us from recharging fully, and that isn’t good for you nor, ultimately, for Citi,” Fraser said.
She also laid the framework for what work will look like at Citigroup, the third-biggest U.S. bank by assets, once more employees return to offices. Like other bank leaders including Solomon, Fraser asserted the value in having employees, particularly junior ones, working together in an office setting.
Most employees will be designated hybrid workers who spend at least three days a week in an office, while logging on from home up to two days a week, she said. Branch workers will continue to remain at Citigroup sites, and some roles will continue to be remote, although Fraser called those positions “somewhat rare.”
The pandemic “has opened doors to new ways of working and shown that we are able to adapt to and even flourish amid adversity,” Fraser said. “Nothing should stop us from building a bank that wins, a bank that champions excellence and a bank with a soul.”
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Manipulating the XME and other stocks is going to crash this scam manipulating bank good and hard for what's about to happen.
Run!
Citi Urges Dealmakers to Send More Business to Private Bankers
By: Bloomberg | March 17, 2021
Citigroup Inc.’s dealmakers have been keeping busy with family offices looking to get in on the blank-check frenzy. Now the lender wants to bring its private bank a piece of the action.
Citigroup encouraged its banking, capital markets and advisory business this week to begin cross-selling private-banking services to clients. Last year, the bank established a joint venture between the two divisions in the hopes of deepening ties with customers.
“Since then, our private-banking partners have brought us a number of opportunities that have resulted in joint successes,” Tyler Dickson and Manolo Falco, who lead banking, capital markets and advisory business globally, said in a memo to staff seen by Bloomberg. “Now we are hoping to send some opportunities the other way and deepen this partnership.”
They’re in luck: Citigroup’s dealmakers have been working with more and more family offices as they’ve been arranging special purpose acquisition companies, or SPACs, which go public to raise money from investors and then aim to merge with a private business.
“We’ve seen greater appetite from family offices and other sophisticated high-net-worth investors looking to gain entry into SPACs and other traditionally institutional investment-banking products,” Dickson said. “Tightening the synergies between our BCMA and private-bank platform makes sense.”
Citigroup’s private bank already caters to 1,400 family offices in more than 100 countries, along with a quarter of the world’s billionaires.
Newly minted Chief Executive Officer Jane Fraser has been seeking to ensure her bank’s many different business lines work together more. In January, the lender announced it would combine wealth-management and private-bank offerings.
When Citigroup first inked the joint venture between its investment bank and the private bank last year, it also crafted a revenue-sharing agreement to entice the two groups to collaborate.
Business that a private banker brings to the investment-banking group will result in the private bank receiving a referral fee equal to one-quarter of the immediate revenue from the transaction. Similarly, the investment bank will receive 25% of the revenue earned over three years from a relationship it brings to the private bank.
“Both BCMA and Citi Private Bank remain united in their belief that there are many great opportunities out there to cross-sell, to seek out opportunities together,” Dickson and Falco said in the memo this week. “So take this opportunity to call your contacts.”
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Lawsuit for Investors in shares of Citigroup Inc. (NYSE: C) announced by Shareholders Foundation
By: Shareholders Foundation | March 15, 2021
SAN DIEGO, March 15, 2021 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares of Citigroup Inc. (NYSE: C).
Investors, who purchased shares of Citigroup Inc. (NYSE: C) and continue to hold NYSE: C shares long-term, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On October 30, 2020, a lawsuit was filed against Citigroup Inc. over alleged Securities Laws violations. The plaintiff alleged that the Defendants made false and misleading statements regarding Citi's internal controls, risk management capabilities, and regulatory compliance and that as a result of Defendants' misrepresentations, shares of Citi's common stock traded at artificially inflated prices between February 25, 2017, and October 12, 2020.
Those who purchased Citigroup Inc. (NYSE: C) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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