|Bid||28.45 x 2200|
|Ask||28.83 x 1100|
|Day's Range||28.68 - 28.92|
|52 Week Range||25.35 - 28.96|
|Beta (3Y Monthly)||0.11|
|PE Ratio (TTM)||3.82|
|Forward Dividend & Yield||1.78 (6.20%)|
|1y Target Est||N/A|
The week contained enough good news to drive just about any market higher, but instead ended with the Dow Jones Industrial Average lower for the fourth time in five weeks.
Citigroup is the latest company betting on China for growth. Newly appointed Asia-Pacific chief executive Peter Babej has the tough task of manoeuvring between monolithic state-owned banks and fast-moving foreign peers at a time of worsening east-west tensions. Staking a claim for Citi in Chinese securities will be more demanding.
Citigroup has promoted Peter Babej, the head of its financial institutions group, to the position of chief executive for the Asia-Pacific region, the biggest overseas market outside its home base for the American bank.Babej, who joined the bank as co-head of its financial institutions group in 2010 after serving in senior roles at Deutsche Bank and Lazard, will begin transitioning to the new role "immediately", according to an internal memo seen by the South China Morning Post. Babej, who was named sole head of the financial institutions business in 2017, will be based in Hong Kong."Under Peter's leadership, the [Financial Institutions Group] has participated in some of the most significant transactions in the sector, including several Asia-driven mergers and acquisitions," Citi chief executive Michael Corbat said in the memo. "He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption, for which Citi is well-positioned given our footprint and capabilities."The appointment comes six months after Francisco Aristeguieta stepped down in July as Citi's regional CEO to take a role as head of State Street Corporation's international business.Image of Peter Babej, the new Asia-Pacifc chief executive of Citigroup. Photo: Handout alt=Image of Peter Babej, the new Asia-Pacifc chief executive of Citigroup. Photo: HandoutTim Monger has been serving as interim CEO for Asia-Pacific at Citi and will return to his role as chief financial officer for the region, according to the memo.In the third quarter, net income from continuing operations in its global consumer business in Asia rose 10 per cent to US$422 million. Profit from continuing operations in its institutional clients group business in Asia jumped 15 per cent to US$843 million in the quarter. The move to name Babej to head Citi's regional business comes at a challenging time in the region.Mergers and acquisitions in Asia fell to US$599.6 billion in the first nine months of 2019, the slowest pace in five years, according to Dealogic.The weaker merger activity comes as investors and businesses are increasingly concerned about a global economic slowdown and a trade war that has raged between the United States and China for more than a year.Tensions have eased somewhat after US President Donald Trump said the world's two biggest economies had reached a "substantial phase-one deal" following two days of negotiations in Washington last week. As part of the agreement, the US would delay implementation of additional tariffs and Beijing agreed to buy more American agricultural products.Private-equity firms, however, expect the trade war to continue to have the biggest effect over any other factor on deal flows in the Asia-Pacific region in the next 12 to 18 months, according to a new report by the law firm Dechert and financial data provider Mergermarket.Citigroup realigned its corporate banking business in 2016 to take advantage of key corridors in Asia, where trade and capital have historically flowed. The bank said earlier this year that it was a banker to 90 per cent of the Fortune 500 companies operating in Belt and Road Initiative markets.The bank also is proud of the growth of its digital consumer bank in Asia, saying it has seen digital engagement increase by 25 per cent in recent years in the region.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
(Bloomberg) -- Dubai’s biggest bank is seeking to raise 6.45 billion dirhams ($1.76 billion) from a rights share offering as it expands abroad and courts more foreigners to its stock.The state-controlled Emirates NBD PJSC plans to offer 758.8 million shares at 8.5 dirhams each, it said in a statement. That compares with its closing price of 13.15 dirhams on Oct. 16 and represents a discount of about 35%. The issue opens Nov. 10 and will close Nov. 20.The shares dropped 3.8% at 12.65 dirhams at 11:31 a.m. in Dubai, dragging the exchange’s benchmark index 1.4% lower. For the year, the shares are up more than 40%.Emirates NBD last year proposed selling new shares to help fund the acquisition of Turkey’s Denizbank AS. The lender plans to use the proceeds of the sale to strengthen its capital base and support growth, according to Thursday’s statement.Lenders in the six-nation Gulf Cooperation Council are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows.Emirates NBD last month raised the cap on foreign ownership holding in its shares to 20% from 5%, with plans to seek shareholders’ approval to double the new limit. It also raised raised 305 million pounds ($373 million) from the sale of a stake in London-listed Network International Holdings Plc.Read More: Dubai’s Biggest Bank Joins Rivals to Draw Foreign InvestorsEmirates NBD Capital PSC, the bank’s investment banking unit, is managing the rights share offering, while Citigroup Inc., Morgan Stanley, Clifford Chance LLP and Matouk Bassiouny & Ibrahim are acting as advisers.(Updates with share price move in third paragraph.)To contact the reporter on this story: Arif Sharif in Dubai at firstname.lastname@example.orgTo contact the editors responsible for this story: Shaji Mathew at email@example.com, Alaa ShahineFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
American multinational financial services corporation Citigroup Inc. (NYSE: C) has appointed Peter Babej as the new chief executive officer of its Asia Pacific region, a memo sent to staff by Citi global CEO Mike Corbat shows. Babej previously served as the bank’s global head of financial institutions group.
Citigroup has appointed Peter Babej as its new chief executive for Asia-Pacific, an increasingly important region for the US bank, which is seeking to grow its presence in mainland China. Mr Babej joined the bank in 2010 and has been the head of Citi’s financial institutions group for the past two years, based in New York. In that role he was involved in a number of sizeable transactions in Asia, including last year’s financing round for Ant Financial.
Citigroup Inc has named Peter Babej, the U.S. bank's global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard , according to the memo sent to staff by Citi global CEO Mike Corbat.
Citigroup Inc has named Peter Babej, the U.S. bank's global head of financial institutions group, as its new Asia Pacific chief executive officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat.
Bank of America earnings topped third-quarter views. Share cleared a buy point early Wednesday but closed below it after attempting to break out the day before.
(Bloomberg) -- Citigroup Inc. is set to price its second sterling bond this year, after rushing into the market before a European Union meeting that will be key for Brexit.The lender offered the previously unannounced 650 million pound ($833 million) bond just a day after reporting better-than-expected earnings, and as U.K. and EU negotiators seek to hammer out a Brexit accord before a summit starting on Thursday. Optimism that a deal can be reached has bolstered the pound and U.K. assets this week.We “wanted to get ahead of the EU summit given the recent positive tone,” said Tim Michael, a Citigroup bond syndicate managing director.The U.S. bank was able to tighten pricing on the seven-year note by about 10 basis points to 140 basis points above gilts at final terms, Michael said. Citi is the sole bookrunner on the deal.READ MORE: Citigroup GBP650m 7Y UKT+140The offering came amid varying news reports that suggested the Brexit talks were either close to success or near collapse. The pound swung between gains and losses as U.K. Prime Minister Boris Johnson sought a deal that can satisfy EU leaders as well as garnering support from divided U.K. lawmakers ahead of the country’s planned Oct. 31 departure from the EU.Citigroup last sold a syndicated sterling note in January after an almost 10-year absence. It priced the 750 million-pound five-year bond at 175 basis points over gilts. Those notes have since tightened by more than 50 basis points, according to pricing source CBBT.To contact the reporter on this story: Priscila Azevedo Rocha in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Hannah Benjamin at email@example.com, Neil DenslowFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington.
(Bloomberg) -- Sandy Weill still has the checkbook he used in 1967 to make the first donations of the Weill Family Foundation. One was for $10, to his temple. The biggest was for $100.Since then, he and his wife Joan have given away more than $1 billion, often in much larger amounts: $250 million to the medical school at Cornell University in 2007 and $185 million to start a neuroscience institute at University of California San Francisco in 2016. And they’re not done yet, said Weill, 86, with gifts coming in areas new to them, like artificial intelligence and big data.Still, it took Weill 30 years to reach $100 million in giving at Carnegie Hall. It became official Tuesday night when the hall announced a $14.6 million gift from the Weills, partly to endow music education and teacher-training programs in New York City public schools.Not that Weill was counting.“Robert Smith was counting,” Weill said, referring to the private equity billionaire who is Carnegie Hall’s chairman, a role he held from 1991 to 2015. “I had no idea what we had done or not done, and then he told me, ‘Do you know if you give $4.6 million more, you will have surpassed $100 million? I said, ‘You’re some salesman.’”Matched GiftsActually, Weill does recollect some of the increments. After joining Carnegie Hall’s board in 1983, when he was president of American Express, he gave $2 million toward the building’s restoration. For his 70th birthday -- soon after he’d left the top job at Citigroup -- Carnegie Hall ran a campaign to build an endowment for music education in his honor. The Weills agreed to match gifts, with $60 million raised, though Carnegie Hall only credited him for $30 million, Weill said.While Carnegie Hall’s acoustics are a favorite of artists, orchestras and audiences, expanding education programs is the most important mark Weill says he’s made on the institution, which was built by Andrew Carnegie with an initial $2.1 million investment in the 1890s.“What our country has done is we’ve taken music education out of the school system, yet it’s probably the most cost effective way of really helping people in their development,” Weill said. “Young people that have an affinity with a musical instrument, their brains usually grow larger, and they’re better in math and science.”‘Old Man’The next era at Carnegie Hall will belong to Smith, Weill said. “I’m like an old man at Carnegie Hall. I’ve had my time to help.”The Weills’s gifts created an infrastructure for music education that makes expansion possible, Smith said in an interview. “This is about scale and sustainability.”While reaching $100 million may be an invitation to move on, Carnegie Hall will always be the place where Weill entered the big time of elite giving. “When I came in 1983, I didn’t know anything about fundraising, not much about philanthropy, but I had a big mouth,” he said.Little did he know philanthropy would become his second career. “Everybody thought I was going to die at my desk and never retire. I didn’t know what it was going to be like to be out of that power position. But I’ve had another life besides just running a big financial institution.”At a reception Tuesday evening in the Weill Terrace Room, Joan Weill got the last word about her husband’s devotion to Carnegie Hall, after guests had taken in a performance by the Philadelphia Orchestra, sipped egg creams and perused photos of the couple, many at galas that she had selected for display.“The music, the people, the privilege of seeing these children being educated,” she said. “We have gotten so, so much out of it.”(Updates with Joan Weill’s comment in last paragraph.)To contact the reporter on this story: Amanda Gordon in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Steven Crabill, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Wall Street advanced on Tuesday as third-quarter reporting season hit with a spate of upbeat earnings reports that brought buyers back to the equities market. All three major U.S. stock averages gained ground in a broad-based rally, with the S&P 500 and the Nasdaq hitting their highest closing level in more than three weeks. "Positive earnings are flowing through equity markets today, suggesting that things weren't as bad as investors thought," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.
JPMorgan hit a record high after generating $2.68 a share in third-quarter profits, up 15% from the year-earlier period and above the consensus estimate of $2.45.
Wall Street jumped on Tuesday as third-quarter reporting season kicked into high gear with a spate of upbeat earnings reports that brought buyers back to the equities market. "It's all going to be about earnings for the next couple of weeks and that's a good thing," said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York. Major financial firms JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs Group Inc and Wells Fargo & Co all posted results, as did healthcare giants Johnson & Johnson and UnitedHealth Group Inc.
JPMorgan earnings easily beat Q3 views, while Goldman Sachs earnings missed. Citigroup and Wells Fargo earnings were mixed. JPMorgan stock and Citigroup stock rose into a buy zone.
Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. JPMorgan Chase & Co posted strength across all but one of its segments, and executives offered optimistic comments about the financial health of individuals. Citigroup beat estimates thanks to its global consumer business.
Goldman Sachs was stung by equity investments in Uber Technologies, WeWork, and other companies during the third quarter, underscoring the risk of the firm’s opaque business of making principal investments.
Citigroup (C) announced stronger-than-expected third-quarter results today. The bank’s revenues were slightly ahead of analysts’ expectations.
(Bloomberg Opinion) -- The masters of the universe are back, for a quarter at least. Amid a deluge of earnings reports on Tuesday from Wall Street’s biggest banks, bond traders’ performance stood out across the board. At JPMorgan Chase & Co., which kicked off third-quarter results, trading revenue in fixed income, currencies and commodities soared 25% from a year earlier and at $3.56 billion easily topped estimates for $3.09 billion. At Goldman Sachs Group Inc., where shares tumbled after a poor performance in investment banking, FICC sales and trading was a bright spot. And Citigroup Inc., which is two months into a plan to cut about 400 people from its trading division, showed investors that it could still deliver with a reduced headcount: The bank’s fixed-income markets revenue reached $3.21 billion, exceeding analysts’ estimates for $3.06 billion. A number of trends in the bond markets converged in the third quarter to make it a uniquely robust time for traders.For one, the quarter was especially choppy for U.S. interest rates. The ICE Bank of America Merrill Lynch MOVE Index, which measures volatility in the Treasury market, surged in August to the highest level since early 2016. The benchmark 10-year Treasury yield swung to as high as 2.14% and as low as 1.43%. That 72-basis-point range was the widest since the final three months of 2016. As 30-year Treasury yields fell to record lows, some investors openly pondered whether it was only a matter of time before the U.S. joined other parts of the world with negative-yielding government debt.While that didn’t happen, the sharp drop in yields encouraged companies to tap the bond market at a breakneck pace. A staggering 130 investment-grade deals cleared the market in September, eclipsing September 2017’s 110 offerings to become the busiest month ever for issuance of high-grade debt. That included 49 deals in 30 hours at the start of the month. Globally, September marked the first time that corporate issuance exceeded $300 billion in a month.It follows that with so many new bonds hitting the market, bond traders were busier than usual. In each of the past three months, trading volume in corporate bonds reached the highest levels in at least seven years, according to Trace data. September was particularly elevated, with about $715 billion of total par value traded, up more than $100 billion from a year earlier.The phrase “Masters of the Universe” comes from Tom Wolfe’s 1987 Wall Street novel “The Bonfire of the Vanities,” in which the protagonist was a bond trader. That and political strategist James Carville’s quip in 1993 that he’d want to be reincarnated as the bond market because “you can intimidate everybody” are two of the most prominent examples of turning Wall Street bond traders into larger-than-life figures.It’s a much different environment now. While it was a banner quarter for fixed-income trading, it’s highly doubtful that banks can keep up the pace. For one, obviously it’s not as if every quarter can be record-setting in the corporate bond market. And with traders expecting the Federal Reserve to gradually lower interest rates over the next year or two, Treasury yields have seemed to stabilize at lower levels, bringing volatility back to earth.On top of that, the leaders of Wall Street’s biggest banks are generally warning that the road ahead could be rocky. JPMorgan Chief Executive Officer Jamie Dimon and Goldman Sachs’s David Solomon both took a cautious tone on the economy, even before the International Monetary Fund cut its 2019 global growth estimate to a post-crisis low of 3%. Any sort of sustained slowdown wouldn’t bode well for the high-yield market. Last December, when that became a real concern, not a single speculative-grade borrower tapped the market, the first time that had happened in a decade.It’s worth remembering that the yield spread between two- and 10-year Treasuries turned negative in August for the first time since 2007. Even though it’s no longer inverted, the curve from three months to 10 years was already negative for long enough to indicate potential bad news ahead for the economy. More specifically for banks, a flat yield curve immediately crimps their net interest margins. If they can’t deliver profits that way, they may need to focus on cost-cutting measures. Banks should toast their bond traders. It will most likely be more of a slog for them in the months ahead, but, for a moment, they’re the indomitable force on Wall Street once again.To contact the author of this story: Brian Chappatta at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.