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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 private bankers must now turn in call reports to record each conversation they have with a client — whose net worth typically has to be at least $10mn to qualify for the private bank — and also what...
...Remember, the Covid-19 pandemic caused a crisis of almost every other kind, but big US banks didn’t collapse....
...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....
...Fraser, a veteran of the consulting firm McKinsey and investment bank Goldman Sachs, took over in early 2021 with a mandate to fix Citi after the bank had underperformed its peers for years....
...Nevertheless, Citi has work to do to hit its own medium-term target of achieving an 11 to 12 per cent ROTE by 2027. Citi’s US retail banking business will play a critical role in achieving that goal....
...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....
...Is there a way around this? In a recent note, Citi analysts write: For many investors when they hear the words ‘style rotation’ and ‘tactical’, a hint of skepticism emerges....
...At Wells Fargo, first quarter NII came in 8 per cent lower compared with a year earlier. 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....
...The large US bank intends to launch the wholly owned China-based unit by the end of the year, according to a person familiar with the situation....
...Analysts expect charge-offs — losses on loans marked as unrecoverable — in the first quarter will jump to about $6.7bn collectively at JPMorgan, BofA, Citi and Wells, up from $3.85bn a year earlier....
...Citi declined to comment....
...Citi’s approval has come at a time when the bank is looking to simplify, while maintaining a vast network of regional offices as its main advantage over US rivals....
...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....
...The bank’s stars also have a good reason to hang around a little longer: Citi pays year-end bonuses in late February....
...Citi ranked as the fifth-largest investment bank in industry league tables, behind Goldman Sachs and Raghavan’s former employer JPMorgan....
...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...
...The bank’s performance received a boost by a rebound in dealmaking that has also buoyed Wall Street rivals....
...This article has been updated to correct the period since Citi recorded a larger loss...
...The bank’s plan to expand in China comes as Citi undergoes its largest restructuring in more than a decade, a big part of which is to reorganise its management around the lines of business rather than geographic...
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