Citigroup’s India unit has more than doubled its asset-backed securities book to nearly $1 billion in the last two years, ahead of schedule for a goal it set for itself in February https://t.co/moUU1Nlp8y ...

Core Viewpoint - Citigroup's wealth chief believes the equity bull market has potential for further growth, indicating that wealthy clients are still showing interest without excessive exuberance [1] Market Performance - The S&P 500 has declined approximately 2% in November, marking its worst month since March, amid increased volatility and a selloff in major technology companies [2] - Despite the downturn, Citigroup does not anticipate a market turning point, as earnings expectations remain robust [3] Wealth Management Strategy - Citigroup's wealth unit has shifted focus from a lending-heavy model to investment management, with client investment assets increasing by about 14% year-over-year in Q3 [4] - New inflows into the wealth unit reached $37.1 billion in the first nine months of the year, with a record inflow in Q3 [4] Regional Performance - Asia has shown particularly strong performance, with record inflows in Q3, leading to increased bonuses for private bankers in the region [5] - The bank's growth in Asia is primarily driven by clients from China, with significant contributions from non-resident Indians in markets like Singapore and Dubai [8] Organizational Changes - Citigroup is undergoing a significant revamp under CEO Jane Fraser, including job cuts and a focus on improving returns [6] - The bank plans to integrate its retail banking operations with its wealth management business, creating a unified group [7] Leadership and Culture - The wealth chief has faced challenges, including an investigation into workplace conduct, but maintains that the findings do not reflect his leadership style [10]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. (Bloomberg) -- Citigroup Inc.’s wealth chief says the equity bull market still has “some room to run” as the Wall Street giant is luring record inflows from rich clients this year. “There’s not exuberance, and there’s not the kind of behavior that you see in the late stage of a bull market where investors are, you know, throwing money at stocks,” Andy Sieg said in an interview last week from Hon ...

Core Insights - Citigroup, Inc. will transition its CFO role from Mark Mason to Gonzalo Luchetti in early March 2026, with Mason becoming executive vice chair and senior executive adviser to CEO Jane Fraser [1][10] - The leadership change is part of a strategic reset aimed at redefining Citigroup's long-term growth strategy and enhancing profitability [5] Leadership Transition - Mark Mason has been with Citigroup since 2001 and became CFO in 2019, initiating the transition to ensure a smooth handover for future growth [2] - Gonzalo Luchetti has a strong track record as head of U.S. Personal Banking, achieving 12 consecutive quarters of positive operating leverage and more than doubling the return on tangible common equity year to date [3] Business Reorganization - Citigroup will integrate its Retail Banking division into its Wealth business, creating a unified U.S. team to streamline operations and enhance customer experience [4] - U.S. Consumer Cards will be elevated as one of the company's five core businesses, reinforcing its position in a profitable segment [4] Financial Performance - Citigroup's shares have increased by 44.1% year to date, outperforming the industry growth of 27.1% [8] - The company trades at a forward price-to-earnings (P/E) ratio of 10.13X, below the industry average of 13.93X [14] Earnings Estimates - The Zacks Consensus Estimate for Citigroup's earnings implies a year-over-year rise of 27.6% for 2025 and 31.2% for 2026, with upward revisions in estimates over the past 30 days [15]

来源：智通财经网 花旗集团财富管理部主管安迪·西格表示，鉴于今年这家华尔街巨头吸引了来自富裕客户的创纪录资金 流入，他认为美股牛市仍"有一定的上涨空间"。西格上周在接受采访时表示："目前市场并没有那种狂 热情绪，也没有出现牛市末期投资者'疯狂砸钱'买股的架势。" 11月，标普500指数下跌约2%，可能成为自3月以来表现最糟糕的月份，同时市场波动加剧。全球大型 科技公司的股价下跌，重新引发关于人工智能和估值的争论。上周四早盘，因科技巨头英伟达公司 (NVDA.US)发布乐观预测，股市一度反弹，但最终未能持续，不过上周五美国股市再度回升。 西格表示，由于盈利预期依然强劲，该银行认为市场尚未出现"转折点"。他表示，富裕客户仍有资金在 场外观望，他们正专注于通过结构性票据等产品，在具备下行保护的情况下进入市场。 弗雷泽一直在监督该银行的重大改革——包括裁减2万个工作岗位——试图摆脱其在华尔街的落后形 象。花旗集团仍是唯一一家股价低于账面价值的大型银行，这意味着投资者认为其整体价值低于各部分 价值之和。 其中，亚洲表现尤为强劲，第三季度资金流入创下纪录。因此，西格表示，该地区私人银行家的奖金将 会上涨，但他拒绝透露具体 ...

Andy Sieg还表示，在香港和新加坡这两个该行主要的亚洲财富中心，来自中国的客户真正推动了增 长。在最近访问北京和上海后，他称，中国经济发展展现出的活力是新冠疫情前未曾见过的。花旗对中 国业务的感觉非常好。 Andy Sieg提到，花旗百分之百致力于在亚洲的Citigold业务，该业务的目标客户是资产规模约为20万美 元的客户。他续称，花旗没有出售该业务的计划。 智通财经APP获悉，花旗集团财富管理环球主管盛安德(Andy Sieg)上周在香港接受采访时称，美股牛市 仍有一些空间。市场并没有出现过度乐观的情绪，也没有出现牛市后期投资者疯狂砸钱买入股票的那种 行为。由于盈利预期依然强劲，该行认为，市场尚未出现转折点。富裕客户仍持有闲置现金，并专注于 通过结构性票据等产品，以在进入市场时具备下行对冲能力。 ...

Andy Sieg提到，花旗百分之百致力于在亚洲的Citigold业务，该业务的目标客户是资产规模约为20万美 元的客户。他续称，花旗没有出售该业务的计划。 Andy Sieg还表示，在香港和新加坡这两个该行主要的亚洲财富中心，来自中国的客户真正推动了增 长。在最近访问北京和上海后，他称，中国经济发展展现出的活力是新冠疫情前未曾见过的。花旗对中 国业务的感觉非常好。 花旗集团财富管理环球主管盛安德(Andy Sieg)上周在香港接受采访时称，美股牛市仍有一些空间。市场 并没有出现过度乐观的情绪，也没有出现牛市后期投资者疯狂砸钱买入股票的那种行为。由于盈利预期 依然强劲，该行认为，市场尚未出现转折点。富裕客户仍持有闲置现金，并专注于通过结构性票据等产 品，以在进入市场时具备下行对冲能力。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the economic outlook and policy measures in China, particularly focusing on the People's Bank of China (PBoC) and the Ministry of Finance (MoF) [1][2][3][4]. Core Insights and Arguments - **Interest Rates Held Steady**: The PBoC has maintained the Loan Prime Rates (LPRs) at 3.0% for the 1-year tenor and 3.5% for the 5-year tenor for six consecutive months, indicating a cautious approach to monetary policy [2][3]. - **Fiscal Consolidation Observed**: Recent fiscal data shows an 8.6% year-over-year increase in tax revenue for October, while overall expenditure has contracted by 19.1% year-over-year, suggesting a trend towards fiscal consolidation [2][3]. - **Weakness in Property Sector**: There is a notable absence of new support measures for the property sector despite ongoing data weakness, with home sales and prices showing limited signs of stabilization [2][5]. - **Growth Target Feasibility**: The report suggests that achieving the 5% annual growth target for 2025 remains feasible, with a projected growth of approximately 4.5% year-over-year in Q4 2025 [3][4]. - **Policy Space for 2026**: Policymakers are likely to conserve policy space for 2026, the first year of the 15th Five-Year Plan (FYP), with expectations for potential rate cuts and fiscal measures to support consumer spending and welfare [1][4][5]. Additional Important Insights - **Next Policy Window**: The next significant policy window is anticipated to be after the Central Economic Work Conference (CEWC), with potential for a new round of property support measures and front-loading of government bond issuance for 2026 [1][4][5]. - **Incremental Property Support**: There are hints at possible incremental measures for property support, including interest subsidies for mortgage borrowers and additional funding for property developers, although the central government is not expected to utilize its balance sheet directly [5][9]. - **Long-term Constraints**: Long-standing constraints on further easing remain, particularly concerning debt levels for the MoF and net interest margin (NIM) concerns for the PBoC [3][4]. This summary encapsulates the key points discussed in the conference call, providing insights into the current economic landscape and anticipated policy actions in China.

Citigroup’s wealth chief says the equity bull market still has “some room to run” as the Wall Street giant is luring record inflows from rich clients this year https://t.co/f00nXkHMZf ...

Core Insights - A data breach at SitusAMC Group Holdings has raised concerns among major American banks and mortgage lenders regarding the potential impact on their operations [1][3] - The breach involved the compromise of client data, including accounting records and legal agreements, with the company stating that the situation is now contained [1][4] - The FBI is investigating the incident but has reported no operational impact on banking services [3] Company Summary - SitusAMC Group Holdings confirmed the hack on November 15 and began notifying its residential mortgage customers about the potential impact [3] - The CEO of SitusAMC stated that the breach is contained and the company is focused on analyzing affected data [4] Industry Impact - Major banks, including JPMorgan Chase and Citigroup, received notifications regarding the breach but have not disclosed specific details about their involvement [1][2] - The incident is being investigated by the FBI, indicating a broader concern within the financial services sector regarding third-party vendor security [3]