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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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 June 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 inco ...

Citigroup Inc. (NYSE:C) Q2 2023 Earnings Call Transcript July 14, 2023 11:00 AM ET Company Participants Jen Landis - Head, Investor Relations Jane Fraser - Chief Executive Officer Mark Mason - Chief Financial Officer Conference Call Participants Glenn Schorr - Evercore ISI Jim Mitchell - Seaport Global Betsy Graseck - Morgan Stanley Mike Mayo - Wells Fargo Securities Erika Najarian - UBS Steven Chubak - Wolfe Research Ebrahim Poonawala - Bank of America Matt O’Connor - Deutsche Bank Gerard Cassidy - RBC Cap ...