Citigroup Inc. on Wednesday said it set aside $1.3 billion in the fourth quarter to account for risks in Argentina and Russia, citing shocks to both nations’ economies, and said it booked other charges related to its own organizational overhaul and payments stemming from last year’s bank failures. The disclosure from the bank, in an SEC filing, was made as it prepares to report fourth-quarter results on Friday, and as Argentina undergoes harsh austerity measures and Russia deals with the fallout from its wa ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, invest ...

Investors have to get creative right now to find cheap stocks in the S&P 500, with the index up 15% from a low point in late October and nearing its record high. ...

NEW YORK--(BUSINESS WIRE)--Citi today announced that it will donate over $6.6 million in support of education-focused non-profit organizations as part of its 2023 e for education campaign. With this donation, the campaign is set to donate over $73 million in aggregate since its inception in 2013, and has helped non-profit organizations support over 2 million young people. Citi Markets donates a percentage of business proceeds traded electronically during an annual eight-week campaign from September to O ...

JHVEPhoto My recent Citigroup (NYSE:C) article described it as an asymmetric risk-rewards opportunity. The stock was trading at less than 0.6x tangible book value ("TBV") which indicates that Mr. Market was assuming a return on tangible common equity ("RoTCE") at around mid-single-digit. Whereas the management team is guiding for 11% to 12% RoTCE in the 2025-2026 period. There remains a huge disconnect between what the market valuation is implying and the guidance by the company. This has to converge in the ...

有很多时刻定义了2023年。但对于企业信贷投资者来说，回顾过去12个月，有一件事可能会引人注目：企业能够摆脱融资成本增长两倍的惊人程度。 智通财经APP注意到，美联储以数十年来最快的速度加息，这不仅是因为投资者长期预测的企业违约潮没有成为现实，而且由于担心可能出现的经济衰退，许多公司在去年的大部分时间里都在改善自己的资产负债表。 今年是企业信贷意外强劲的一年，公司债评级大幅上调，穆迪、标准普尔和惠誉调高了价值约2,820亿美元的蓝筹债券评级。 然而，现在的问题是，这种良好的行为是否会持续到2024年。花旗集团策略师Daniel Sorid和James Keefe认为有理由保持谨慎。 他们写道，在信贷投资者的记忆中，过去的18个月“不仅是一段经济衰退得以预防的时期，而且是美国高评级公司债券发行人资产负债表管理的黄金时代，它们以异常严格的债务管理应对EBITDA的急剧上升”。 然而，进入2024年，“量化指标表明，非金融IG(投资级)公司对债权人友好的反常时期已经结束。我们认为，即使EBITDA在2024年不会从增长转为收缩，信贷指标和评级的进一步改善也不太可能。” 近几个月来，花旗已不是第一次就企业资产负债表 ...

Summary of Citigroup Inc. Conference Call Company Overview - **Company**: Citigroup Inc. (NYSE:C) - **Event**: Goldman Sachs 2023 U.S. Financial Services Conference - **Date**: December 6, 2023 - **Participants**: Mark Mason (CFO), Richard Ramsden (Goldman Sachs) Macroeconomic Outlook - **Global Growth**: Despite geopolitical tensions and inflation, global growth has held up better than expected, but a slowdown is anticipated heading into 2024 [2][3] - **U.S. Economy**: Expected to experience a soft landing with a mild recession likely in the latter half of 2024. The corporate and consumer base remains resilient [4] - **Euro Area**: Anticipated to face recession as contraction continues into 2024, particularly affecting Germany [5] - **China**: Expected growth around 5.3% for 2023, with a slight decline in 2024. Positive growth anticipated in India, Thailand, and Mexico [5][6] Citigroup's Financial Performance - **Revenue Guidance**: Expected top-line revenue for Q4 to be between $78 billion and $79 billion, likely closer to $78 billion due to pressures from Argentina elections and currency impacts [9][10] - **Market Activity**: Client activity in various asset classes has been muted, with a seasonal decline expected from Q3 to Q4 [10][11] - **Investment Banking**: Continued momentum in debt capital markets, particularly in healthcare, despite historical lows in investment banking wallets [12][22] Key Financial Metrics - **Expenses**: Guidance for total expenses around $54 billion for the year, with an additional FDIC special assessment charge of approximately $1.65 billion expected [13][37] - **Cost of Credit**: Anticipated to be between $2.2 billion and $2.3 billion for the quarter, reflecting normalization in credit portfolios [13][29] - **Net Interest Income (NII)**: Expected to be slightly better than previous guidance of $47.5 billion, but a tapering down is anticipated for Q4 [15][16] Business Segments Performance - **Services Revenue**: Up 18% year-to-date, driven by strong TTS and security services performance [20] - **Wealth Management**: Disappointment in growth, with new leadership brought in to drive improvements [23] - **Card Business**: Strong momentum observed, particularly in branded cards, with expectations for card NCLs to reach pre-COVID levels by year-end [25][27] Organizational Changes - **Reorganization**: Aimed at simplifying the structure and improving efficiency, with a reduction in management layers from 13 to 8 [32][34] - **Cost Reduction Strategy**: Focus on three levers: organizational simplification, transformation benefits, and divestitures to drive down expenses [41] Capital Management - **CET1 Ratio**: Strong position at approximately 13.6%, with ongoing buybacks planned [48] - **Basel III Impact**: Concerns about competitiveness and operational risk, with strategies in place to mitigate potential impacts [42][45] Future Outlook - **Return Targets**: Aiming for 11% to 12% RoTCE by 2026, with a focus on maintaining revenue growth of 4% to 5% CAGR [49][50] - **Expense Management**: Projected expenses to decrease in 2024, with a target range of $51 billion to $53 billion to achieve return targets [53][54] Conclusion - Citigroup is navigating a complex macroeconomic environment with a focus on maintaining revenue growth, managing expenses, and executing a significant organizational restructuring to enhance operational efficiency and drive shareholder value.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9924 Citigroup Inc. (Exact name of registrant as specified in its charter) Delaware 52-1568099 (State or other jurisdiction of ...

Citigroup Inc. (NYSE:C) Q3 2023 Earnings Conference Call October 13, 2023 11:00 AM ET Company Participants Jen Landis - Head, IR Jane Fraser - CEO Mark Mason - CFO Conference Call Participants Mike Mayo - Wells Fargo Glenn Schorr - Evercore Erika Najarian - UBS Jim Mitchell - Seaport Global Ryan Kenny - Morgan Stanley Steven Chubak - Wolfe Research Ebrahim Poonawala - Bank of America Matt O'Connor - Deutsche Bank Gerard Cassidy - RBC Vivek Juneja - JPMorgan Saul Martinez - HSBC Operator Hello, and welcome t ...

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