LIVE Bank of America Profit Soars 23%, Continuing Sector's Strong Start to Earnings Season Last Updated: 1 day ago Citigroup Earnings Beat Wall Street Forecasts. The Stock Slips. By Tools Customer Service Customer Center Andrew Welsch Citigroup CEO Jane Fraser. (Win McNamee/Getty Images) Citigroup reported third-quarter earnings per share of $1.86 on revenue of $22.1 billion, beating Wall Street estimates of earnings of $1.73 on revenue of $21 billion. For the third quarter 2024, the bank reported earnings ...

Citigroup beat Wall Street revenue estimates across all five of its major business lines, a haul that’s helping the firm manage rising compensation costs and a plan to sell its retail unit in Mexico https://t.co/o2VqRRAgWx ...

Citigroup reported a rise in third-quarter profit, as all its divisions brought in record revenue, sending the bank's shares up about 1% in trading before the bell. ...

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Core Insights - Citi has announced plans to launch institutional crypto custody services by 2026, targeting asset managers and other institutions [2][4] - The bank has been developing its custody stack for 2-3 years, focusing on qualified safekeeping of digital assets with bank-grade controls and standard service level agreements (SLAs) [2][5] - Citi is also exploring the development of a stablecoin and enhancing its digital cash services, prioritizing tokenized deposits for instant treasury and payments [3][5] Group 1 - Citi's custody services will include bank-grade controls and segregation for digital assets [2] - The first phase of the custody service is aimed at asset managers and institutions, with a focus on secure safekeeping [2] - The bank's strategy involves a phased approach: custody first, followed by money rails, with issuance being optional [5] Group 2 - The move by Citi signals a growing acceptance of crypto within traditional finance (TradFi) [4] - If successful, Citi's custody solution could normalize crypto within the banking sector, making it feel less rebellious [4] - The development of these services is seen as the beginning of a broader trend of traditional financial institutions entering the crypto space [5]

Core Insights - Citigroup plans to launch digital asset custody services by 2026, following the trend set by other banks like JP Morgan and US Bank [1] - The bank's custody services will allow it to hold Bitcoin and Ethereum for asset managers and institutional clients, with development ongoing for two to three years [1][2] - Citigroup is also exploring the possibility of launching its own stablecoin, focusing on tokenized deposits for practical applications [2] - The bank sees stablecoins as potentially beneficial in regions with underdeveloped financial infrastructure and is considering custody and payment services for third-party stablecoins [3] - Citigroup forecasts that stablecoin issuance could reach $1.9 trillion in a base case and $4 trillion in an optimistic scenario by 2030 [3] - McKinsey estimates that around $250 billion in stablecoins have been issued to date, mainly for cryptocurrency transaction settlements [4] Industry Trends - Morgan Stanley has advised clients to allocate 2-4% of their investment portfolios to crypto, marking a significant shift in Wall Street's approach to digital assets [5] - The Global Investment Committee of Morgan Stanley released guidelines suggesting up to 4% crypto allocation in opportunistic growth portfolios [6] - Bitcoin reached an all-time high of approximately $125,700 before settling in the low $123,000 range, indicating strong market interest [6]

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Group 1: Market Sentiment and Trends - Traders are heavily buying put options for Bitcoin and Ethereum, indicating a hedge against potential downside risks following a recent market crash [1] - The cryptocurrency market has seen a total evaporation of $380 billion in value, with approximately $131 billion coming from altcoins, raising concerns about the future of the altcoin ecosystem [2] - The funding rates for cryptocurrencies have dropped to their lowest point since the 2022 crash, marking one of the most severe leverage resets in cryptocurrency history [4] Group 2: Regulatory Developments - The U.S. SEC's cryptocurrency working group chief legal advisor Mike Selig is still the top candidate to replace the CFTC chairman, with a focus on coordinating regulatory efforts between the SEC and CFTC [5] - Kenya's parliament has passed a virtual asset service provider bill aimed at attracting more investment into the sector by providing regulatory clarity [11] - Dubai has announced a new financial strategy that includes virtual assets as a core pillar, aiming to increase the sector's contribution to GDP to 3%, approximately 13 billion AED [12] Group 3: Institutional Involvement - JPMorgan plans to engage in cryptocurrency trading but has no immediate plans for custody services, opting instead to explore partnerships with third-party custodians [6][4] - BlackRock's CEO Larry Fink has acknowledged that cryptocurrencies, like Bitcoin, serve a similar purpose to gold as alternative assets, although he advises against them occupying a large portion of investment portfolios [7][8] - Citibank is planning to launch cryptocurrency custody services by 2026, indicating a significant move by traditional financial institutions into the digital asset space [9] Group 4: Corporate Actions - The Dogecoin Foundation's commercial branch, House of Doge, is set to go public through a merger with Nasdaq-listed Brag House Holdings, expected to be completed in early 2026 [10]

香港交易所 消息：10月8日， 花旗集团 持有的 赣锋锂业 H股多头头寸从6.12%增至6.70%。 ...

Group 1: Citigroup's Crypto Custody Services - Citigroup plans to launch crypto custody services in 2026, after a development period of two to three years [1] - The bank is exploring both in-house technology solutions and potential third-party partnerships for its custody services [1][2] - The upcoming service will involve Citi holding native cryptocurrencies on behalf of clients, with a mix of in-house and third-party solutions [2] Group 2: Competitive Landscape - Citigroup's custody plans contrast with JPMorgan's current stance, which allows clients to buy cryptocurrencies but does not hold custody of the assets [3] - JPMorgan has expressed interest in changing its custody approach next year, indicating a competitive shift in the market [3] Group 3: Broader Digital Asset Ambitions - CEO Jane Fraser confirmed that Citigroup is exploring the issuance of a Citi stablecoin and developing tokenized deposit services for corporate clients [4] - The bank already offers blockchain-based dollar transfers between major global offices, enhancing its digital asset capabilities [4] Group 4: Consortium for G7 Stablecoin - A consortium of nine global banking giants, including Citigroup, is planning to develop a jointly backed stablecoin focused on G7 currencies [5] - The consortium aims to issue reserve-backed digital payment assets on public blockchains, pegged one-to-one against traditional fiat currency [5] Group 5: Regulatory Engagement - The coalition of banks is already in contact with regulators across relevant markets regarding the stablecoin initiative [6] - Earlier discussions among major banks, including Citigroup, about the shared stablecoin venture have now progressed beyond conceptual stages [6]