|Bid||58.95 x 800|
|Ask||58.95 x 900|
|Day's Range||58.34 - 62.47|
|52 Week Range||32.00 - 83.11|
|Beta (5Y Monthly)||1.81|
|PE Ratio (TTM)||8.10|
|Earnings Date||Jul. 14, 2020|
|Forward Dividend & Yield||2.04 (3.67%)|
|Ex-Dividend Date||May 01, 2020|
|1y Target Est||62.23|
"We are actively working on repairs and assessing the situation carefully to re-open these branches," he said. "Where necessary, we’re putting in place heightened security protocols, including proactively closing or reducing hours in some of our branches." As of Friday morning, about 40 of Citigroup's 700 branches were temporarily closed due to planned protest activity or previous damage, spokesman Drew Benson said.
Gautam Chawla is joining Barclays <BARC.L> from Citigroup Inc <C.N>, a statement from the British lender said on Friday, continuing the recent spate of job changes among senior financiers covering the insurance industry. For Chawla, who starts his new role at the end of July, the move marks the end of a long career at Citi, where his most recent job titles were co-head of global insurance investment banking and co-head of the financial institutions group in North America. Chawla's title at Barclays will be vice chairman of the financial institutions group (FIG).
(Bloomberg Opinion) -- Quants made U.S. Treasuries interesting again this week. Then U.S. jobs data sent a fresh shockwave through the world’s biggest bond market.For each of the past three months, the monthly U.S. jobs report — long considered one of the most important indicators of the health of America’s economy — hasn’t mattered much at all for the $19.2 trillion Treasuries market. The future was so uncertain because of the coronavirus pandemic, and the Federal Reserve was adding so much debt to its balance sheet, that bond traders saw little reason to test yield ranges near the lowest in history. Effectively, Treasury yields, among the purest market expressions of the economic outlook, were also stuck in lockdown.Friday’s data was always going to be different. The U.S. yield curve steepened relentlessly this week, just about any way you slice it. Most notably, the spread between five-year notes and 30-year bonds widened on Friday to 126 basis points, a level unseen since December 2016. Even the difference between two- and five-year Treasuries started to climb after bucking the trend for weeks as traders saw little reason to think the Fed would raise interest rates anytime between now and 2025.“The groundwork has been set for a potentially paradigm shifting session,” interest-rate strategists at BMO Capital Markets wrote on Thursday. “The only major concern from a technical perspective is that the current moves have resulted in an over-extended momentum profile.”It turns out the momentum was just getting started.In nothing short of a stunning report, U.S. nonfarm payrolls rose by 2.5 million in May, compared with expectations for a decline of 7.5 million, according to Labor Department data released Friday. In April, they fell by 20.7 million in the largest single-month drop in records dating back to 1939. Meanwhile, the unemployment rate fell to 13.3% from 14.7% — the median estimate in a Bloomberg survey called for it to jump to 19%. (The Labor Department did note that the overall unemployment rate would have been about 3 percentage points higher than reported if workers who were recorded as employed but absent from work due to “other reasons” had been classified as unemployed on temporary layoff.) Even the 1% monthly decline in average hourly earnings is probably a good sign, as it indicates more jobs for lower-paid workers that had been particularly targeted by the nationwide shutdowns. Suffice it to say, no one saw this coming.Quantitative hedge funds might not have expected such a blockbuster report, but they’re poised to be the beneficiaries anyway. Here’s Bloomberg News’s Stephen Spratt writing about the Treasury market this week:Funds known as Commodity Trading Advisors — synonymous with trend-following quant strategies — have likely been actively shedding large long positions in 10-year bond futures, according to market watchers. These systematic accounts tend to be secretive with their strategies, leaving a puzzle for analysts to estimate positioning.The large volumes traded in futures after the 10-year Treasury yields broke above 0.69% this week suggested an unwind of CTA long positioning, Citigroup Inc. strategists Bill O’Donnell and Ed Acton wrote in a note. CTAs have been long for all of 2020, and a break above this level could see a potential $80 billion in positions washed out, they said.Suddenly, 10-year Treasuries at 0.69% look like a distant memory. The benchmark yield rose 10 basis points on Friday, jumping from 0.86% to as high as 0.96% in the minutes following the jobs data. About an hour before the employment report, a circuit breaker was triggered in Ultra Bond futures.In truth, Treasury yields in February and March fell so far, so fast, that there are huge gaps lurking across the market. As Jim Vogel at FHN Financial noted before the data, “as soon as .805% was breached mid-day Thursday, traders had to withdraw support to see if buying would arrive before .90%. In moderate overnight trading, buyers stayed on the sidelines.” These wide margins could make for some volatile trading ahead, especially if incoming data confirm the narrative that the U.S. economy is on track to rebound faster than expected. It’s easy to forget, but 10-year Treasury yields at less than 1% are historically unprecedented and signal a highly pessimistic view of the U.S economy in the decade to come. Yes, this was just one jobs report, and there will undoubtedly be many twists and turns in the great reopening of America. But it delivered a wake-up call to rates traders who have sleepwalked through the past three months. Risk assets have long been suggesting the worst economic damage is in the rear-view mirror. It’s about time Treasuries focused on the road ahead.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Banking stocks appreciate as upbeat economic reports perk up markets, boosting investor optimism over an expected economic rebound.
Citigroup (C) intends to expand commercial banking operations across EMEA to grab opportunities created on retreating of many competitors from the market due to the coronavirus-induced recession.
Citi Private Bank today released its Mid-Year Outlook 2020 report, Investing in a New Economic Cycle. Released twice yearly, this edition calls for major changes to client portfolios as a new economic and market cycle begins.
(Bloomberg) -- As business reopenings picked up nationwide, Americans filed nearly 2 million applications for unemployment benefits last week, reflecting a slowing -- though far from a halt -- in job losses.Initial jobless claims for regular state programs totaled 1.88 million in the week ended May 30, Labor Department figures showed Thursday, down from 2.13 million the prior week. It was the first reading below 2 million since the coronavirus-related layoffs began en masse in mid-March. The median estimate in a Bloomberg survey of economists called for 1.83 million claims in the latest week.Continuing claims -- the total number of Americans claiming unemployment benefits -- increased to 21.5 million in state programs the week ended May 23, compared with analyst estimates for a decline. Most states reported declines from the prior week, and the latest increase in part reflects quirks from biweekly filing rules in California, which showed an unadjusted rise of about 618,000.The four-week moving average of continuing claims fell to 22.4 million from 22.7 million, the first decline of the pandemic.“Looking at the broad contour, it still looks very much like continuing claims peaked in early May,” said Andrew Hollenhorst, chief U.S. economist at Citigroup Inc. “We’re not coming down strongly in any sense, but this notion that the bottom has hit in terms of how bad things will be in the labor market is increasingly coming through in the data.”U.S. stocks fell at the open. Separate data Thursday showed U.S. trade in goods and services plunged in April to the lowest level in almost a decade.Read more:Transcript of Bloomberg’s TOPLive blog on the jobless claims reportU.S. Jobless Claims Understate Reality With Gaps in Federal DataOne-Third of America’s Record Unemployment Payout Hasn’t ArrivedNext Wave of U.S. Job Cuts Targets Millions of Higher-Paid WorkersWhat Pandemic’s Toll Reveals About Jobs in America: QuickTakeMeanwhile, consumer sentiment improved for a second week as Americans grew less pessimistic about their finances and the buying climate. Bloomberg’s Consumer Comfort Index rose 1.5 points to 37 in the last week of May. It was the biggest gain this year and just the third since the end of January.In the week ended May 30, 36 states reported 623,073 initial claims for Pandemic Unemployment Assistance, the federal program that extends unemployment benefits to those not typically eligible like the self-employed. That was less than half the prior week’s count.What Bloomberg’s Economists Say“Stubbornly elevated jobless claims are yet another statistic showing that labor market recovery will not be swift. The latest claims data comes on the back of the non-manufacturing ISM survey, which showed the employment subindex barely budged in May from a record-low in April, contradicting the signal from a better-than-expected ADP employment.”\-- Yelena ShulyatyevaRead more for the full reaction note.Thursday’s report underscores the current dichotomy in the labor market. The layoffs are continuing -- and hitting the higher-wage workers and supervisors that escaped the initial wave of layoffs -- but at the same time, a multitude of Americans have headed back to work with varying degrees of business restrictions being eased in all 50 states.The initial claims figure remains enormous at about nine times the pre-pandemic weekly average, but weeks of decreasing initial claims suggests the worst of the coronavirus-related layoffs is over. Even so, lingering effects from forced business closures and the pandemic itself will likely weigh on any recovery in the labor market for some time.The May jobs report, out Friday, is forecast to show employers cut payrolls by 8 million, sending the unemployment rate soaring to Great Depression-like levels at 19.5%. It will also show the distribution of job losses across industries. The reference week for the report is in mid-May, so last week’s jobless claims may reflect job losses not captured in the monthly employment report.California and Florida both saw increases of more than 27,000 in initial claims filed last week; Mississippi was the only other state to show a rise, though minuscule. States seeing significant jumps in continuing claims in the week ended May 23 also included Texas, Pennsylvania, Oregon and Florida.Georgia, one of the first states to reopen, saw its benefit rolls grow by 19,156 to 750,918.The continuing claims numbers are “terrible but they’re not as terrible as they were,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “The trend probably is still downwards but you have to strip out these crazy numbers from California and Florida” that are resulting from biweekly filing, he said.Given the unprecedented surge of claims in recent months, many economists look to the non-seasonally adjusted figures for a more accurate read on claims. The total reported number under the federal PUA and state programs was 2.23 million last week, down from 3.21 million in the prior week. Many states that have already accepted tens of thousands of claims for the federal assistance are still showing zero claims on the national report.(Updates with consumer comfort, economist’s comment)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The new group of roughly 80 bankers merges the Financial Strategy Group and the Shareholder Advisory and Data Science group and will be lead by Muir Paterson who has been running Citi's activist defense group. In addition to shareholder defense, the group will leverage its data capabilities to serve a broader set of clients and offer insights into client's asset bases, corporate finance structure and tax strategies, executives told Reuters. "Bringing these businesses closer together will help scale their respective impact and harness our intellectual capital more effectively," the global heads of Citigroup's Banking, Capital Markets and Advisory Group Tyler Dickson and Manolo Falcó said in a memo to staff.
Citigroup <C.N> is looking to ramp up its commercial banking operations across Europe, Middle East and Africa, plugging gaps left by rivals facing fallout from a coronavirus-induced recession. The U.S. bank plans to expand its business lending division catering to companies with annual turnover between $25 million and $2.5 billion with a slew of new hires and office launches in several Western European countries by the end of 2020. Competitors, including HSBC <HSBA.L> and Standard Chartered <STAN.L>, have made similar bids to win business from small and mid-sized European companies in the past few years, hoping to increase revenues in a market traditionally dominated by local banks.
Mark Mason, Chief Financial Officer of Citigroup, will present on Wednesday, June 10, 2020. The presentation is expected to begin at approximately 3:15 p.m. (Eastern). A live webcast will be available at www.citigroup.com/citi/investor. A replay and transcript of the webcast will be available shortly after the event.
Citi, acting through Citibank N.A., has been appointed by Globaltrans Investment PLC ("Globaltrans" or "the company") – a leading freight rail transportation group with operations across Russia, the CIS and the Baltic countries – to act as successor depositary bank for its Global Depositary Receipt ("GDR") programme.
Yahoo Finance's Alexis Christoforous and Brian Sozzi speak to Tom Michaud, KBW CEO about the current merger and acquisition market, future outlook for the banking industry with interest rates near zero and more.
Citi Private Bank recently formed the Citi Private Capital Group to provide institutional service to private investment companies, family offices and pools of private capital. Since the onset of the COVID-19 pandemic, the group has been helping clients with proactive investment advice, sophisticated hedging strategies, and other strategic capital markets solutions, while also keeping these clients connected to a global network of peers.
Yahoo Finance’s Heidi Chung joins Zack Guzman to discuss the outlook on retail as Dick's Sporting Goods reports quarterly earnings amid the coronavirus.
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.The Indian stock market’s honeymoon with Prime Minister Narendra Modi’s government is under strain.In the first year of Modi’s second term, India has erased more shareholder wealth than any other country on the planet, except Brexit-swayed Britain. That contrasts with his first term of five years, when his reputation as an economic reformer fueled an increase of almost 50% in equity market capitalization.Today, the economy as well as equity values are sinking. Economic growth slumped to an 11-year low even before the full onset of coronavirus, and Bloomberg Economics projects a 25% contraction in the three months through June. Stock values have shrunk by a quarter, or $543 billion, as India takes a bigger knock than some other countries badly affected by the pandemic, including the U.S., China and France.INDIA REACT: Revisions to Show GDP Slump Worse Than ReportedInvestors remain concerned about the state of the economy and Modi’s priorities. His focus has largely been on political issues such as a citizenship bill, a ban on the “triple Talaq” divorce practice among Muslims and revoking Kashmir’s autonomy. There’s been little success in boosting consumer demand or implementing reforms.India’s Budget Target Breach Signals Further Blowout This YearMoody’s Investors Service on Monday downgraded India’s credit rating to the lowest investment grade, citing a prolonged slowdown and rising debt. The focus now shifts to S&P and Fitch, and whether they will lower India’s outlook to negative or cut to junk, Samiran Chakraborty, an economist at Citigroup Inc. in Mumbai, wrote in a note.India’s Sovereign Rating Cut at Moody’s Citing Policy RisksMan of HopeModi swept to power in 2014 as Indians looked for a dynamic leader to revive the economy and reduce corruption. His first term was praised for several reform measures including a new bankruptcy law. The feel-good environment was interrupted by his decision to demonetize high-value currency bills in late 2016, and a messy implementation of a uniform indirect-tax system.As a result, stock values peaked in early 2018. All told, during Modi’s six years in office, India’s equity markets added only $178 billion, compared with the $1.06 trillion they amassed in the same period of his predecessor, Manmohan Singh (which included the 2008 financial crisis).It’s not that things have suddenly turned sour because of the coronavirus, though that was a major shock. Indian companies have failed to meet earnings expectations since October 2014, months after Modi’s ascent to power. Now they are missing forecasts by 23%, after reporting the biggest earnings miss in a decade earlier this year.Currency moves have offered little comfort to investors. While the rupee has been little changed in the past year, carry traders witnessed losses thanks to successive interest-rate cuts.India is gradually reopening its economy, but with more than 8,000 new cases per day, it risks a further spread of the pandemic. Concerns remain on the economic front: manufacturing lags near record lows and more than 100 million people have lost their jobs. Farm distress has been deepened by locust attacks, and a banking crisis simmers.As Modi begins his seventh year in office, investors would be hoping he places a sharper focus on the economic agenda and embarks on measures to bring back consumer demand.(Adds economist’s comment in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The nation continues to grapple with civil unrest over the killing of George Floyd in police custody. Many leaders across retail, tech and banking are speaking out over the weekend and Monday morning as protests continue. Yahoo Finance's Alexis Christoforous and Emily McCormick share the details.
(Bloomberg Opinion) -- The rising tide of pandemic relief money that’s oiling the wheels of finance has been a boon for those in the business of securities trading. Even as the wild market swings have subsided, activity has been buoyant as central banks and governments pumped trillions into economies. This may turn out to be one of the best environments for investment bankers generally, especially those who are buying and selling shares and bonds, but a standout company is emerging.After a record trading performance in first three months of 2020, JPMorgan Chase & Co. is on course to post a 50% jump in trading revenue in the second quarter, when compared with the same period a year ago, the New York giant’s co-president, Daniel Pinto, said last week. The reserved Argentine banker, who has helped JPMorgan move to the top of Wall Street’s rankings, was “very pleased” by the performance. That tells you how well things are going.Other trading firms are doing well too, although not as handsomely as Pinto’s employer. Bank of America Corp. expects bond- and stock-trading revenue to rise close to 10% in the period; Citigroup Inc. is seeing “very good momentum” in the fixed-income business after a 40% jump in the first quarter. Citi is still playing catch-up with its rivals in equities trading.JPMorgan might also be edging further ahead of its European rivals on their home patch. The bank is the favored dealer in Europe for both interest-rate and credit trading, ahead of Goldman Sachs Group Inc. and Citi, according to a poll of bond investors by Greenwich Associates at the end of April. European banks barely made it into the top three in some of Greenwich’s subcategories on fixed-income trading.“It’s a balance sheet, scale and electronification game now, and the bigger you are, the better you do,” Greenwich Associates said when the report was published. That’s propelling JPMorgan — which spends more than $11 billion a year on technology — ahead of its competitors.America’s biggest bank added 2.5 percentage points to its share of trading revenue among its top peers between 2015 and 2019. It has a 12% share of trading in fixed-income, currencies and commodities, an 11% share of equity trading, and a lead in derivatives. That places it at the center of the world’s financial markets. Its ability to move large volumes of inventory is unrivaled, competitors and clients say.Last year, JPMorgan added 25% to its hedge-fund balances, bringing them to $500 billion, and it has been targeting $1 trillion. This growth in hedge fund clients has allowed it to build its stock-trading business, with equity derivatives powering a surge in revenue. It helps too that borrowers have been tapping the bond markets at a record pace.Crucially, it’s the bank’s market dominance — which lets it take on more risk relative to its size — that appears to have become self-perpetuating. “We don't need to take a huge amount of risk for the franchise to be profitable,” Pinto told a conference last week. “At our scale, the franchise is perfectly profitable. So, the only thing we need to do is to always be in a position where we can monetize the franchise.”For Chief Executive Officer Jamie Dimon, a roaring trading division is just what he needs to make up for the inevitable problems in the lending business caused by the Covid-19 pandemic, with companies and households struggling to repay their loans amid the worst recession in decades. Credit losses will pile up and the decline in U.S. interest rates will erode profit margins in the business over time. JPMorgan’s profitable consumer business won’t be such a cash cow.But when the wave recedes, the Wall Street trading titan could be in a league of its own. The question then becomes: Is that healthy for the banking system? This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Citigroup Inc. plans to bring its workers back to the office when the Covid-19 pandemic ends, breaking with a raft of competitors planning to make remote operations permanent for many staff.“Our goal is to get our employees back,” Chief Executive Officer Mike Corbat said Friday at a virtual investor conference.Working remotely has definite advantages, Corbat said, including giving him the ability to meet with clients and employees from around the world all in the same week. But he said the firm doesn’t plan to leave employees at home permanently.The pandemic has forced companies to send thousands of employees to their home offices as a way to slow the spread of the deadly virus. For some workers, including those at Citigroup competitors Bank of New York Mellon Corp. and Synchrony Financial, the changes may be permanent, officials there have said.Citigroup, with roughly 200,000 employees around the world, has already begun bringing staff back to some of its offices in Asia, with the Hong Kong office at 50% capacity and Taiwan at 75%, Corbat said.On other topics, the CEO said Citigroup’s fixed-income trading business has continued seeing the good momentum it experienced in the first quarter, when revenue surged almost 40%. The unit has benefited from increased corporate-bond issuance, Corbat said.“It’s been an active period,” he said, with “very good momentum sustained and continuing to build coming out of the first quarter.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The main hurdles in the reopening of branches that Citigroup (C) is currently facing are concerns regarding the daily commute of employees to offices.