Citi: special focus
Euromoney's recent coverage of the global wholesale bank.
The global bank has refreshed its senior management but needs to start demonstrating its platform can deliver best-in-class returns.
Partnership with digital investor platform is the latest move by bank’s Sprint fintech team.
It appears that basic errors rather than deliberate attempts to game the system lay behind Citi’s large miscalculations of UK RWAs and CET1.
Investment bank quarterly heatmaps
It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
The bank's head of treasury and trade solutions, EMEA, says: 'In transaction banking, we see exponential growth.'
Investment bank quarterly heatmaps
Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
Citi’s latest global corporate benchmarking survey shows that companies are worryingly complacent about their potential exposure to emerging market currencies and remain reliant on manual processes to manage risk.
Awards for Excellence 2019
In an industry of fast-paced change, this is the bank that is not only engaged with but driving change for the benefit of its customers.
Citi’s worldwide presence is proving an asset as new regional trading blocs emerge.
The technology pioneer of the 1980s.
People rise to the top of the agenda.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
Citigroup president Jamie Forese and his Morgan Stanley counterpart, Colm Kelleher, are bowing out after contrasting quarters for their investment banks.
Authorities are being more proactive in uncovering trouble.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
Asiamoney best bank awards 2019: India
The biggest dozen global investment banks have now reported their results: here's what their execs said about each of your businesses.
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US bank taps European market for €1 billion deal.
Which bank chief executives are raising a glass to a successful 12 months? How are the newcomers to the party settling in? Who’s hiding in the corner, drowning their sorrows? And will 2019 be a year of feast or famine? Euromoney reveals all in its progress reports for the Class of 2018.
Like most of its big US peers, Citi had a strong run in 2018
Singapore: Patrick Yau, Citi
Citi’s network banking model can sometimes sound rather old-fashioned; Jan Metzger, Citi’s CIB head in Asia Pacific, is a tech geek who can talk for hours about whatever is new – you know what they say about opposites…
What are the other big US banks doing?
A strong third quarter from Morgan Stanley was the highlight of a mixed bag of numbers, while Goldman Sachs’ incoming CFO offered more glimpses of the future.
Morgan Stanley looks best in the third quarter, but was just pipped by Goldman over a longer term analysis.
There are only two truly global, fully fledged cash management banks today – HSBC and Citi – but the digital arms race in transaction services gives far more banks the opportunity to be world class.
Global director of Citi Community Development and Inclusive Finance.
From the United Nations and the European Commission to customers and shareholders, the world’s banks face increasing pressure not only to consider their broader role in society but also to take actions that have a positive impact on it. There is no doubt that most chief executives take this challenge seriously. Whether they take it far enough remains to seen.
Citi is mostly playing catch-up with its new corporate and investment banking (CIB) structure: it makes obvious sense, but despite coming later than many rivals it is still a work in progress.
Regulatory change, cost pressures, advances in technology and more-demanding customers: treasurers have a lot on their minds, but artificial intelligence (AI) is here to help. Citibank’s engagement with AI has also attempted to improve the insights it can deliver to clients.
Investment banks in 2Q18 August 2018
Awards for Excellence
The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.
The firm is a genuine contender in investment banking in every region of the world.
Global growth provided the backdrop for a strong year for Citi’s financing businesses, while the return of volatility has showcased the value of its great reach.
The firm has consistently demonstrated its commitment to work alongside communities and support their growth.
Middle East investment banking volumes saw a tentative rebound in 2017, after a drop in 2016, suggesting that regional reform is already producing opportunities for deal makers, after the demise of the international sovereign buy-outs of the oil-boom era. The region’s best investment bank, Citi, is more aware of these opportunities than most and is positioning itself accordingly.
Good, sustainable returns for shareholders are finally in sight, 10 years after the global financial crisis.
Equity capital markets moves at Citi and BAML say more about the two firms than they do about ECM.
Ten years on from a financial crisis often portrayed as caused by the greed of bankers, we are talking recycled carpets and alleviating poverty. It is a genuinely good thing.
Asiamoney best bank awards 2018
It is one thing to simplify a business plan but quite another to execute it. Nevertheless, Citi appears to be on the verge of making its new simple approach, well, simple.
Gender pay gap disclosure has arrived in the banking industry, but a movement that aims to bring gender equality across the whole financial sector is just beginning. Euromoney speaks to some of the pioneers.
The cat is out of the bag: the public is aware that if you want to stop something, you have to stop the financing. Right now in the US, that something is guns. And Citi is being bold.
Best international bank: Citi
Equities is a business where only the top handful of banks traditionally make money. It is also a sector with shrinking volumes and revenues. So why are two banks outside the top tier – Citi and HSBC – trying to boost their franchises?
While tax reform charges make a bad year worse for US banks, the timing of the law sets the scene for better results in 2018. But the fundamentals may not change: trading is bad, financing is good.
Banks are booking big charges in the fourth quarter, but the domestic names are sitting pretty for the future as US taxes fall.
Changes to the US corporate tax code are aimed at driving more onshore investment. For treasurers, this will mean reassessing their current global cash management structures.
January 2018 Five quarters of profit after years of flat performance; consumer revamp gains traction.
Stock buybacks are a landmark moment in Citi's resurgence.
Country rankings: Argentina
David Miliband, head of the International Rescue Committee, and Jim Cowles, CEO for EMEA at Citi, discuss exclusively with Euromoney how finance can help the refugee crisis at the launch of an initiative.
New recruits show bank sees tangible business from Belt and Road; some will be new hires, others existing staff being moved.
For all their boastful talk of becoming technology companies, Citi points out that many banks still depend on legacy IT platforms that are now as much as 40 years old.
Kinder Morgan’s Trans Mountain Pipeline has left 26 banks wide open to backlash. But there is one bank that isn’t impacted at all… And that is Citi.
Awards for Excellence 2017
Citi is perhaps the only global markets business remaining that shows that scale and breadth – both geographically and by product – can deliver good returns.
Solving the challenge of world’s unbanked is going to take investment, innovation, and an ability to bring together key players in payments, fintech and microfinance. No bank is quite as committed to that combination as Citi.
Citi aims to develop new banking apps with the speed of a Silicon Valley startup and deliver them across a vast incumbent bank.
The bank has demonstrated exceptional on-the-ground commitment and understanding of its clients across all regions.
For country results, see full results
Have HSBC and Citi found a way to cut costs and maintain revenues in Latin America? If so, local banks will not accept that quietly.
The top firms this year look like they haven’t moved in 18 years. For example, there is Citi in its accustomed place at number one. How can nearly two decades of upheaval appear to have altered the rankings so little in Euromoney’s foreign exchange survey?
Citi's new mobile app is a first crucial step to re-invention. Head of consumer banking, Stephen Bird, tells Euromoney the bank may have only a couple of years to convince customers it is the high-quality, always-connected partner with the services they want.
Internal analytics, not retail price war, behind the move; strong growth expectations prompt high bank valuations.
Brexit threatens eurozone, but region still crucial to global banks.
Citi seeks to commit to Mexico after Latin America withdrawal; HSBC injects capital but commitment questioned.
The topic of Brexit was never going to be far from the minds of delegates at the annual meetings of the International Monetary Fund and the Institute of International Finance, both being held this week in Washington, DC. And on Friday afternoon, delegates got a chance to hear the views of three vocal US bank chief executives — Jamie Dimon of JP Morgan, Mike Corbat of Citi and James Gorman of Morgan Stanley.
Collapsing investment banking volumes have prompted global players to pull back from emerging Europe over the past two years. But Citi’s Jim Cowles, CEO for EMEA, has alternative sources of revenue to fall back on.
Citi is joining up with the Singapore-based ride-hailing service Grab in a partnership that will allow people to burn credit card loyalty points in exchange for taxis – a world first.
The UK's decision to leave the EU has left corporates scrambling to review many aspects of their business to ensure they are able to withstand heightened volatility. Injecting a greater level of optionality into their hedging strategies is one way to protect themselves from increased uncertainty, says Citi.
Awards for Excellence 2016
Global institutions like Citi are adept at managing the fortunes of the wise and wealthy, but Mohamed Mansour decided to build his own business to manage his family’s wealth and staff it with seasoned investment bankers. Six years on...
Citi sees the funny side June 2016
When an investment bank sponsors a national award in investigative business journalism, there will occasionally be inevitable tension between the bank that rewards the journalism while also being on the receiving end of it.
Citi retains top ranking while Deutsche plummets.
FX: Fired currency traders fight back April 2016
Ex-Citi trader Carly McWilliams’ employment tribunal win will spur on other fired currency traders waiting for their day in court and encourage more women to bring unfair dismissal claims, say legal experts. The banks’ argument that a handful of rogue traders acting behind senior managers’ backs were to blame for the currency rigging scandal is contested.
Citi JV opts for Hong Kong for IPO, but should it have gone six months ago?
April 2016 Citi’s Asia-Pacific business is the ultimate test of its universal banking model. New regional CEO Francisco Aristeguieta knows he needs to build on its strong component parts, not just to maintain its position in Asia, but to push the bank forward globally.
Citi is the last global wholesale bank offering all products to its clients everywhere. It operates in 100 countries and boasts a payment system handling $3 trillion of transactions a day, which no other bank is ever likely to emulate. It has taken the axe to its global consumer business, but still operates in 24 countries. Under the leadership of Michael Corbat, Citi has closed the share price discount to book value. It must now prove that a global universal bank can avoid the pitfalls of scale and deliver sustainable returns. If it does, it will be the only one.
Move raises profile of Asia Pacific; Bird heralds ‘Asia’s century’.
Naveed Sultan, global head of treasury and trade solutions (TTS) at Citi, explains the importance of developing SME and MME financing options, as the clout of transaction services to Citi's business strategy grows.
Buys trading portfolios from Credit Suisse, Deutsche; integration of commodities and banking paying off.
Steven Wieting, global chief investment strategist for Citi Private Bank, shares his firm's views on the surprises of 2014 and the market ahead.
Cutting the fat in FICC May 2014
For the first quarter, Citigroup reported an 18% decline in fixed-income revenues compared with 2013 and chief financial officer John Gerspach described the overall FICC business as a “shrinking pie”.
Citi Private Bank is set to launch its new client/banker technology platform at the end of February, with the hope it will be the industry standard for digitalization.
Michael Corbat looked like a safe pair of hands when he took over from Vikram Pandit as Citi’s chief executive. Known as a details man, a leader and strong manager, he will execute the strategy Pandit first laid out. But overseeing the rundown of Citi Holdings has given him a taste for better deploying scarce resources. And every business in Citi’s renowned 100-country network, the bank’s defining differentiator, will have to justify itself to his scrutiny.
Since 2009, after John Havens had to slash headcount and reduce the investment banking business to serve far fewer customers, Citi has been fighting its way back to prominence.
From the ruins of a failed, large investment bank, Vikram Pandit and John Havens are trying to build the foundations of a much better, smaller one. It’s still global in ambition but designed to deal with fewer clients, commit its capital much more thoughtfully and this time in the right businesses. Sceptics either say they’ve heard it all before or question why it took the bank’s leaders so long to reach the obvious conclusion. But the early signs are that it’s working rather well. Peter Lee reports.