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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....
...“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....
...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 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....
...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....
...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....
...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....
...Zoom out beyond Morgan Stanley and Citi and their moves hint at broader pressures....
...Citi’s transaction services division also reported one of its best quarters in years....
...Commercial property, and in particular mortgages on office buildings with low occupancy rates, have been a big concern for lenders since the Fed started lifting interest rates....
...Holy God Citi’s done a deep-dive on PMIs. Everybody loves PMIs right?...
...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...
...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....
...Yet applications for 30-year fixed rate mortgages fell to the lowest level since 1995 last week....
...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....
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