Core Viewpoint - Citigroup Inc. is strategically exiting its consumer banking business in Poland through the sale of Citi Handlowy to VeloBank S.A, aligning with its broader focus on core operations and higher-return segments [1][5][9] Transaction Details - The agreement includes the demerger of various consumer banking operations such as wealth management, credit cards, consumer loans, and deposits, along with the transition of employees and branches to VeloBank [2][3] - The transaction will not affect Citi Handlowy's institutional banking operations, which will continue to be developed [3][4] - Expected to close by mid-2026, the transaction is subject to regulatory approvals and is anticipated to provide a modest regulatory capital benefit, although it is financially immaterial to Citigroup [3][4] Strategic Context - Citigroup has been winding down its consumer banking operations globally, having previously announced plans to exit consumer banking in 14 markets across Asia and EMEA [6][9] - The company has also completed the separation of its institutional banking operations in Mexico and sold its China-based consumer wealth portfolio to HSBC [7][8] - These strategic moves aim to free up capital for investment in higher-return segments, with expectations of achieving a compounded annual growth rate of 4-5% in revenues by 2026 and driving $2-2.5 billion in annualized run-rate savings [9][10] Market Performance - Over the past year, Citigroup shares have increased by 21.4%, compared to a 29.6% growth in the industry [11]

Group 1 - Citi Handlowy, a Polish banking business majority-owned by Citigroup, plans to sell its consumer banking business to VeloBank S.A., with the transaction expected to close by mid-2026, subject to customary conditions [1] - The deal excludes Citi Handlowy's institutional businesses, which will continue to be invested in and grown [2] - This transaction allows Citi to allocate more resources to its institutionally focused businesses, enhancing connections between Polish corporations and its global network [3] Group 2 - Citi's last significant remaining international consumer operation is Grupo Financiero Banamex in Mexico, with ongoing plans for a proposed initial public offering for that business [3] - In May 2023, Citi decided to take Banamex public after exiting the consumer banking market in Mexico in 2022, aiming to maximize shareholder value and simplify the firm [4] - In January 2022, Citi announced a strategic shift away from global retail banking, closing its Mexican retail banking arm and selling consumer banks in several Southeast Asian countries while retaining its institutional businesses [5]

Core Viewpoint - Saudi Aramco has authorized the issuance of benchmark US dollar bonds with maturities of 5, 10, and 30 years, indicating a strategic move to raise capital in the international debt market [1] Group 1 - The designated bookrunners for the bond issuance are Citigroup, Goldman Sachs, HSBC, and JPMorgan, showcasing the involvement of major financial institutions in the transaction [1]

作者 | 第一财经 樊志菁 2025.05. 27 本文字数：1763，阅读时长大约3分钟 今年以来，全球贸易形势变化成为了黄金上涨的重要推手。在中美日内瓦商贸谈判后，国际金价一度 从历史高位回撤近6%，然而美国总统特朗普在关税问题上反复和随后美国多边贸易谈判缺乏实质性 进展使得市场焦虑情绪卷土重来。花旗在最新报告中将三个月金价目标位再次调回至3500美元，不 过长期前景面临不利因素挑战。与此同时，不少机构将美国财政危局、美元弱势和实物需求旺盛视为 短中期利多因素。 花旗：短期看好长期谨慎 在上周日发布的一份研究报告中，花旗预测未来三个月内黄金交易目标为3500美元，高于5月12日 设定的3300美元。 最新修正源于特朗普上周再次发出威胁，要从6月1日起对欧盟征收50%的关税。不过随后他改变了 想法，据央视新闻报道，当地时间25日，特朗普表示，欧盟请求将关税谈判期限延长至7月9日，他 已同意这一请求。特朗普称，本次与欧盟就关税问题的谈话"非常愉快"。 尽管上修了目标价，花旗分析师对黄金长期前景持谨慎态度，并列举了两个可能的不利因素：其一， 随着美国中期选举临近和美联储降息，经济增长和相关股票风险可能会解除。其 ...

Group 1 - The core viewpoint is that various institutions view the current U.S. fiscal crisis, weak dollar, and strong physical demand as short- to medium-term bullish factors for gold [1][4] - Citi has revised its three-month gold price target to $3,500, up from $3,300, due to renewed trade tensions and tariff threats from President Trump [2] - Despite the optimistic short-term outlook, Citi analysts express caution regarding the long-term prospects for gold, citing potential adverse factors such as upcoming U.S. midterm elections and high levels of gold held by individuals and households [2][3] Group 2 - Gold's potential demand remains historically strong, with approximately 0.5% of global GDP allocated to gold, the highest level in nearly 50 years, driven by high uncertainty [3] - Geopolitical uncertainties and Trump's tariff policies have contributed to a more than 20% increase in gold prices this year, with Macquarie suggesting that rising inflation could further benefit gold as a hedge [4] - Moody's downgrade of the U.S. government's credit rating indicates worsening fiscal conditions, which may lead to increased government debt and interest burdens, further supporting gold prices [4] Group 3 - Trump's apparent desire to weaken the dollar could serve as a strong tailwind for precious metals, as historical trends show an inverse relationship between gold and the dollar [5][6] - Recent months have seen a high inverse correlation between gold and the dollar, with a weaker dollar contributing to strong gold price increases [6] - Despite some easing of trade tensions, significant economic uncertainty and geopolitical tensions persist, maintaining a favorable environment for gold as a diversification tool [6]

Group 1 - The current Chinese economy is showing a recovery trend, with strong resilience and vitality across primary, secondary, and tertiary industries [1] - China is focused on building a unified national market and is committed to expanding high-level opening-up, aligning with international high-standard economic and trade rules [1] - The government is optimizing the business environment and encouraging foreign investment, providing ample opportunities for multinational companies to develop in China [1] Group 2 - Citigroup's chairman expressed the intention to deepen investment cooperation in China, particularly in securities, futures, and financial derivatives [1] - Carlyle Group's CEO highlighted confidence in China's economic prospects and a commitment to expanding investment in the country [1]

金十数据5月23日讯，花旗从全球资产配置的角度来看，市场可能需要更多的期限溢价才能使美国国债 企稳。鉴于美国同比通胀可能上升，花旗坚持减持美国国债。不过，花旗表示，美国利率下跌的时机很 难预测。收益率曲线变陡也是一种全球现象，而不仅仅是由美国国债推动的。 花旗：稳定美国国债需要更高的期限溢价 ...

随着特朗普政府可能放松加密货币监管，美国最大银行集团正秘密筹划发行联合稳定币，以抵御加密行 业日益激烈的竞争。 根据《华尔街日报》5月22日报道，摩根大通、美国银行、花旗集团、富国银行等美国顶级金融机构正 在探讨发行联合稳定币（joint stablecoin）的可能性。这些讨论涉及由这些银行共同拥有的企业，包括 运营点对点支付系统Zelle的Early Warning Services和实时支付网络Clearing House。 消息人士透露： 这些银行正准备应对稳定币在特朗普总统领导下可能被广泛采用的情况，这可能会分流它们 处理的存款和交易，特别是如果大型科技公司或零售商也参与其中。 银行联盟的讨论仍处于早期概念阶段，可能存在变动。 美国稳定币立法取得进展 此前华尔街见闻文章提到，美国正在审议GENIUS法案，该法案为稳定币的监管框架提供了清晰的指 引。稳定币监管法案现已准备在美国参议院展开辩论，两党议员希望尽快推动通过，最快可能在本周内 完成。 这意味着稳定币发行的监管框架正在逐步成型，有望为银行和非银行金融机构的合作提供法律保障。 此外，特朗普政府为加密货币领域释放出了友好的监管态度。今年3月，特朗普 ...

Group 1 - Major U.S. banks are considering a joint venture to create a dollar-pegged stablecoin to compete with the cryptocurrency sector [1][2] - The banks involved include JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, with discussions in early stages involving Early Warning Services and the Clearing House [2][3] - The decision to move forward with the stablecoin will depend on legislative actions and market demand, as the banking industry prepares for potential widespread adoption [3][4] Group 2 - The potential joint venture coincides with the Senate's progress on the GENIUS Act, which aims to establish a regulatory framework for stablecoin issuers [4] - The SEC has clarified that certain stablecoins, especially those pegged to the U.S. dollar and backed by low-risk assets, are not classified as securities [5]

金十数据5月23日讯，据华尔街日报报道，美国几家大投行正在探索是否联合发行一种联合稳定币，此 举旨在抵御来自加密货币行业不断升级的竞争。消息人士称，到目前为止，对话涉及的公司包括摩根大 通、美国银行、花旗集团、富国银行。讨论还处于早期的概念阶段，可能会发生变化。任何最终决定都 将取决于围绕稳定币的立法行动的命运，以及其他因素，比如银行是否发现对稳定币有足够的需求。投 行一直在为稳定币在特朗普总统任期内被广泛采用的可能性做准备，稳定币可能会吸走投行处理的存款 和交易，尤其是如果大型科技公司或零售商参与进来的话。在两年前的监管打击之后，银行业在加密领 域正处于追赶模式。 美国几家投行探索发行联合稳定币 ...