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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....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...Any rebound for Citi next year starts in its services unit, offering working capital and payment facilities to its multinational corporate clients....
...The changes Fraser outlined last year are resulting in at least 20,000 job cuts at Citi, the third-largest US bank by assets....
...It was the smallest of Citi’s five divisions behind US personal banking, trading, services and wealth management....
...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...
...But he does need to get Citi to resemble something like JPMorgan’s scale model....
...For a while, many pundits — including Unhedged — talked about Apple as a “defensive growth” stock, with high barriers to entry and a big services business to carry it through the economic cycle....
...And Peltz could also provide “assurance to other investors that the board is properly engaged this time around”....
...Citi and Wells provide lawyers with a quasi-consulting service by offering granular market intelligence on how their firm compares to the wider industry, including on metrics such as hourly rates, hours...
...The business would expand Citi’s business in China, which already includes corporate lending and other banking services....
...From Bloomberg overnight: Citi Is in Talks to Start New Private Credit Strategy by Early 2024 Citigroup Inc. is in discussions to start a new direct-lending strategy by early January, the latest in a series...
...Citi says it serves 700 law firms and 50,000 lawyers in the US and Britain, providing services that include favourable mortgage rates....
...Citi’s transaction services division also reported one of its best quarters in years....
...Spending on the bank’s credit cards helped raise revenue in its consumer banking division by 12 per cent, while corporate spending helped push up revenue in Citi’s treasury services division, which manages...
...Analysts at Citi put operating margins at least 60 per cent; they reckon ad sales generated about 7.5 per cent of Walmart’s total operating income last year and could account for 8.6 per cent this year....
...Amazon, Microsoft, Meta, Google parent Alphabet and music streaming service Spotify are among the companies that have signalled plans to strike such a balance this year....
...According to Apple, a number of government agencies in Europe, particularly those involved in defence and banking, have already asked for assurances that they will be able to prevent their workers from downloading...
...Holy God Citi’s done a deep-dive on PMIs. Everybody loves PMIs right?...
...Funds have “closed all of their short US dollar exposure in aggregate”, with their long positions now equal to more than 80 per cent of their maximum exposure over the past year, according to Citi....
...Of course, there is customer service and access. But even those face tests....
...Financial services was actually kind of late to the party because there were rules against particular types of mergers....
...As companies tackle digital overhauls of their businesses — from homeworking to customer relationship management — they are increasingly relying on external providers for information technology services...
...The timing is good: Citi is winding down its consumer banking business in China and HSBC wants to grow its own operation. The deal is a small one....
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