花旗进一步指出，随着特朗普政府逐步为2025年11月中期选举布局，并努力应对国内高利率导致的经济 压力，其政策焦点可能将更多转向压低整体商品价格。报告指出，实现上述目标最可能的路径包括推动 结束俄乌战争;倘若无法达成，华府则可能对OPEC+施加更大外交压力，要求其进一步增产以压低国际 油价。 花旗集团最新发布的研究报告指出，沙特阿拉伯及OPEC+自今年4月以来分阶段解除石油产量限制，市 场供应持续增加，这一趋势与美国总统特朗普长期推动降低能源价格的政策方向一致。在此背景下，花 旗预期全球原油市场在未来数季将维持疲软态势，布兰特原油价格在明年、至少至美国中期选举前，或 将徘徊在每桶60美元左右的水平。 报告分析，高于每桶60美元的价格区间极可能促使OPEC+继续增产，其中沙特阿拉伯料将继续扮演关 键领导角色，以稳定市场供需并避免油价再次大幅攀升。 花旗重申其长期观点认为，布兰特原油价格不太可能持续低于60美元，并指出这一价位亦常被市场视作 买入机会。理由包括：较低油价为美国进一步实施制裁、补充战略石油储备以及促使OPEC+调整产量 提供了更大政策空间，同时从中期来看，过低油价亦不符合美国维持全球能源影响力的战略 ...

格隆汇11月21日｜当地时间11月20日，花旗集团发表声明称，首席财务官Mark Mason将于明年3月卸 任，Gonzalo Luchetti将接替其出任首席财务官。Mason卸任后将担任花旗执行副董事长，并兼任首席执 行官Jane Fraser的高级执行顾问。同时花旗宣布，将把零售银行业务整合至财富管理业务旗下，并组建 一个由Kate Luft领导的新部门。Luft将出任美国零售银行与花旗财富管理的负责人，并向Andy Sieg汇 报。此外，花旗将品牌卡与零售服务业务合并成立美国消费者信用卡业务部，由Pam Habner领导。其将 直接向首席执行官汇报，并加入执行管理团队。 ...

The current finance chief, Mark Mason, is expected to look for a CEO role elsewhere. ...

Citigroup said Thursday that Chief Financial Officer Mark Mason will step down from his role in early March before leaving the bank next year.The Jane Fraser-led lender named Gonzalo Luchetti, currently the bank’s head of US personal banking, as his successor. 3 Citi said on Thursday that Mark Mason, chief financial officer of the Wall Street giant since 2019, will leave the company next year. citiMason, who has been the company’s CFO since 2019, will become executive vice chair and senior executive advis ...

Citi is reorganizing its U.S. personal banking business, including making its consumer cards business a standalone unit. ...

Core Insights - A planned $20 billion bailout for Argentina from JPMorgan Chase, Bank of America, and Citigroup has been shelved, indicating a shift in strategy by these banks [1] - Instead of the large bailout, the banks are now focusing on a smaller, short-term loan package, reflecting a more cautious approach to lending in the current economic climate [1] Group 1 - The initial bailout amount was set at $20 billion, which has now been abandoned [1] - The decision to pivot to a smaller loan package suggests a reassessment of risk and financial stability in Argentina [1] - This change in strategy may impact the overall lending environment and investor confidence in similar emerging markets [1]

Citigroup said Mark Mason will step down as chief financial officer and be replaced by Gonzalo Luchetti, who will take over that role early next year https://t.co/bqgQt9llKi ...

Nov 20, 2025 4:18 PM Eastern Standard Time Citi Announces CFO Transition Plans and Changes to U.S. Personal Banking Business Share Mark Mason to transition out of CFO role in March 2026 and become Executive Vice Chair and Senior Executive Advisor to the Chair/CEO Gonzalo Luchetti to become CFO following transition period Retail Banking and U.S. Citigold to be integrated within Wealth U.S. Consumer Cards to become a standalone business led by Pam Habner Fraser said, "Mark has proven himself to be a leader fo ...

Core Insights - Citigroup's subsidiary, Citibank N.A., reported mixed credit card performance for October 2025, with an increase in delinquency rates but a decrease in charge-off rates [1][2][10] Credit Card Performance - The delinquency rate for Citibank Credit Card Master Trust rose to 1.42% in October 2025 from 1.38% in September 2025, but decreased from 1.52% in October 2024 and 1.58% in October 2019 [1] - The charge-off rate for the Credit Card Issuance Trustnet fell to 1.95% in October 2025 from 2.50% in the previous month, and also dropped from 2.36% in October 2024 and 2.61% in October 2019 [2] Lending Activity - Citibank's principal receivables were $20.2 billion, slightly down from $20.3 billion at the beginning of September 2025, reflecting a year-over-year decline of 6.9% [2][10] Credit Losses and Provisions - Net credit losses (NCL) experienced a compounded annual growth rate (CAGR) of 4.3% over the past four years ending in 2024, with a 2.2% year-over-year increase in the first nine months of 2025 [3] - Provisions for credit losses expanded at a CAGR of 38.9% from 2022 to 2024, continuing to rise in the first nine months of 2025 [3] Future Outlook - Citigroup's profitability may face challenges due to rising credit losses in its Branded Cards portfolio, with expected NCL between 3.50% and 4% in 2025, and Retail Services NCL projected between 5.75% and 6.25% [4] - Economic conditions could further weaken, leading to accelerated losses and higher loan-loss provisions, putting pressure on earnings [5] Peer Comparison - Bank of America reported a delinquency rate of 1.38% in October 2025, down from 1.52% a year earlier, with a net charge-off rate of 2.11% [6] - JPMorgan's delinquency rate edged up to 0.88% in October 2025, while its net charge-off rate declined to 1.44% [7] Stock Performance and Valuation - Citigroup shares have increased by 36% over the past six months, outperforming the industry's growth of 18.8% [8] - The forward price-to-earnings (P/E) ratio for Citigroup is 10.35X, below the industry's average of 14.06X [12] Earnings Estimates - The Zacks Consensus Estimate for Citigroup's earnings implies year-over-year increases of 27.4% for 2025 and 31.2% for 2026, with upward revisions in estimates over the past 30 days [14]

Core Viewpoint - The issuance of €4 billion sovereign bonds by the Chinese Ministry of Finance in Luxembourg demonstrates China's commitment to deepening its integration with international financial markets and provides attractive investment opportunities for international investors [1] Summary by Sections Bond Issuance Details - The bond issuance includes €2 billion of 4-year bonds and €2 billion of 7-year bonds, with strong demand from international investors [1] - The 4-year bonds were priced at the mid-swap rate plus 5 basis points, resulting in an issuance yield of 2.401% [1] - The 7-year bonds were priced at the mid-swap rate plus 13 basis points, resulting in an issuance yield of 2.702% [1] Underwriters and Management - JPMorgan acted as the joint lead underwriter and bookrunner for the issuance [1] - HSBC served as a joint lead underwriter and joint bookrunner [1] - Citigroup was involved as a joint bookrunner and joint manager, while Standard Chartered acted as a joint lead underwriter and bookrunner, as well as the settlement agent [1] Market Implications - The pricing of these euro-denominated sovereign bonds is seen as an attractive investment opportunity for international investors, reflecting China's ongoing efforts to enhance its presence in the international financial market [1] - This issuance is expected to contribute to the establishment of a euro bond pricing system for Chinese entities, providing a benchmark for future financing in the euro market [1]