Citigroup said on Friday it had become the first major global custodian allowed to operate an onshore fund custody business in China, tapping into the country's $19 trillion asset management industry. Citibank (China) Co Ltd obtained the approval from the China Securities Regulatory Commission (CSRC), Citi said in a statement. China is accelerating opening up its capital markets despite rising Sino-U.S. tensions.
While both big banks were beaten down at times in 2020, Wells Fargo has a clearer turnaround story. Can Citigroup persuade investors in the same way?
This isn't where most investors look for mid-double-digit earnings growth, but these companies are delivering.