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...It also comes as Citi is cutting thousands of jobs as part of big reorganisation. A Citi spokesperson said: “Enhancing client experience is our number-one focus....
...We est. that Citi’s market value implies an ROTCE of only about 5-6%, or about half Citi’s target of 11-12% in 2025E-2026E. (c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...Also, “Citi is neither endorsing cryptocurrencies nor providing a view or recommendation on a particular cryptocurrency. Nor does Citi have a view on the regulatory status of cryptocurrencies.” Etc....
...“There’s been a strong external and as well as internal in Citi reaction to someone of Vis’s capability and stature joining Citi in this role,” said David Livingstone, Citi’s chief client officer....
...Citi offers attractive value relative to its peers. Currently, Citi’s price to tangible book value ratio — at just 0.6 times — is the lowest among the largest US banks....
...Analysts at Citi, citing NielsenIQ data, say that General Mills’ share of the yoghurt market dropped from 16 per cent to about 13 per cent over the past five years....
...The changes Fraser outlined last year are resulting in at least 20,000 job cuts at Citi, the third-largest US bank by assets....
...The biggest profit driver was Citi’s corporate and investment bank, where fees jumped about 50 per cent from a year ago....
...The World Bank and Citi have launched a $100mn bond to combat waste, with repayments partly determined by the sale of plastic and carbon offset credits....
...Mortgage origination volume looks set to grow again in 2024 after falling to its lowest level in nearly 30 years, according to the Mortgage Bankers Association....
...Shortly after the financial crisis, she landed one of the toughest assignments at the bank: turning around Citi’s mortgage division, the unit that had created many of the toxic loans that had nearly taken...
...Fraser said Raghavan would start at Citi in the summer....
...Citi also has a reputation for offering favourable rates on mortgages to its law firm clients....
...In October, Citi sold its Chinese consumer wealth business to HSBC....
...Hunterbrook accused UWS, a mortgage lender, of cultivating loyal mortgage brokers while telling customers they were independent....
...At Citi, the metric eked out a 1 per cent year-on-year gain but fell quarter on quarter....
...What tipped the index euphoric, notes Scott Chronert at Citi, was limited options hedging and rising margin debt: Next, momentum....
...asks Citi’s chief human resources officer Sara Wechter....
...But he does need to get Citi to resemble something like JPMorgan’s scale model....
...Citi says the reorganisation will wipe out five layers of management, cutting them down to eight from 13, with the heads of Citi’s five business units reporting directly to Fraser....
...JPMorgan, Citi and Wells will report earnings on April 12. Goldman Sachs publishes results on April 15 while Morgan Stanley and BofA will do the same the following day....
...Citi says it serves 700 law firms and 50,000 lawyers in the US and Britain, providing services that include favourable mortgage rates....
...And the riskiest business to be in was subprime mortgage. So Citi ran right into it....
...The global financial crisis of 2008 was the result of unprecedented dysfunction and perversion of the mortgage securities market....
...Reuters was the first to report the filing as well as other details of Citi’s expansion plans. Citi declined to comment on the filing....
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