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...Goldman Sachs retained its leading position, followed by JPMorgan, Morgan Stanley and Bank of America. Citi was eighth, followed by European banks UBS and Barclays....
...Citi’s high-end private bank is one of three pillars of its wealth management business, alongside its Citi Gold brand, which caters more towards retail clients, and its “Wealth at Work” business which banks...
...Citi reported net income of $3.4bn in the quarter, down 25 per cent from a year ago but better than the $2.3bn analysts had forecast....
...Raghavan’s move to Citi puts him at the heart of one of the biggest reorganisations of a major bank in years. As Citi’s new head of banking, it also lands him in charge of its most troubled unit....
...The biggest profit driver was Citi’s corporate and investment bank, where fees jumped about 50 per cent from a year ago....
...The changes Fraser outlined last year are resulting in at least 20,000 job cuts at Citi, the third-largest US bank by assets....
...Currently, Citi’s price to tangible book value ratio — at just 0.6 times — is the lowest among the largest US banks. This reflects Citi’s dismal return on tangible common equity....
...Citi is transitioning from 50 yrs. as a universal bank in dozens of countries to 5 LOBs....
...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....
...Citi is expected to report its full fourth quarter earnings, along with a number of rivals, on Friday....
...At Citi, the metric eked out a 1 per cent year-on-year gain but fell quarter on quarter....
...That shake-up is the driving force behind 20,000 job cuts at Citi, the third-largest US bank by assets....
...Citi is expected to provide more details on the restructuring when it announces results next week. Here’s what we know about Citi’s plans for China....
...Citi declined to comment....
...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....
...For Citi, part of the appeal of the new licence is that it would enable it to pitch its services as an onshore underwriter and a full-service bank to clients of its corporate and commercial bank on the mainland...
...Rivals say their Citi counterparts seem distracted, and morale in some parts of the bank is described as “terrible”....
...Citi ranked as the fifth-largest investment bank in industry league tables, behind Goldman Sachs and Raghavan’s former employer JPMorgan....
...of Black-Litterman:” the bank deadpans with reference to the below chart, “Prior calculation implies double-digit return expectations for a 5 per cent allocation to bitcoin to be optimal.”...
...At less than 1 per cent of its market value annualised that is not much compared with the average of more than 4 per cent achieved already, or coming, from European and UK banks, according to Citi estimates...
...By comparison, loan loss provisions dropped at Citi, JPMorgan and Wells Fargo, by 33 per cent, 32 per cent and 29 per cent, respectively, from their previous quarters....
...Citi’s full-year earnings dropped 38 per cent from the previous year, to $9.2bn. The bank did continue to reap some benefit from the unexpectedly resilient US economy....
...At Citi, chief executive Jane Fraser has continued to reiterate the bank’s commitment to its Chinese operations....
...Citi said the rise in profits was mainly due to the higher revenues, partly offset by higher expenses and higher cost of credit....
...Citi’s Andrew Lowe crunched ISA subscription numbers across the latest five-year term. He found the yearly average of subscribers “maxing out” is 1.8mn, or 17 per cent....
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