Citi

A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.

Securities finance practitioners are taking a mix of approaches to managing cash, funding and liquidity in a shortened settlement cycle.

The retrenchment that Citi has made in the retail markets of central America has clearly not impacted its dominance of corporate and investment banking in the region. It wins the award for central America’s best investment bank again this year.

It is tempting to conclude that Citi’s impressive suite of treasury management services, for which it wins the award of Latin America’s best bank for transaction services, is the result of the bank knowing that it really needs to excel in this area. Given the growth strategy being pursued by chief executive Jane Fraser, which has seen the bank pull out of many retail banking markets to focus on corporate and investment banking, a market-leading transaction services offering is imperative.

If an organization in Latin America – corporate, sovereign or multilateral – wants to raise finance, Citi will invariably be part of the conversation. The bank’s financing team, led by Adrian Guzzoni, head of debt capital markets for Latin America, and Marcelo Millen, head of equity capital markets for Latin America, has shown that Citi’s ability to access local and international sources of funding and to present options spanning debt, loans and equity is a compelling proposition for finance departments across the region.

With the war in Ukraine adding to global volatility in capital markets, investment banking deal flow was weak in central and eastern Europe during 2022 and early 2023, especially for lower-rated names.

Citi takes everything it does seriously, but there is a special place in its collective consciousness for transaction services. This often-sprawling area of financial services, which chief executive Jane Fraser calls the crown jewel of the bank, is the beating heart of all Citi stands for.

In investment banking, Citi continues to benefit from the combination of a leading global network and an on the ground presence in Africa that is much bigger than most other international firms.

Evidence of an ability to leverage networks across Africa and beyond has helped Citi win the title of Africa’s best bank for advisory this year. While the firm has a strong franchise in South Africa, the rest of the continent is now becoming more important as a growth market. This award is therefore largely thanks to the team led by chairman of investment banking for Middle East and Africa, Miguel Azevedo, and Claude-Stephanie Ngningha, Citi’s head of investment banking in Africa outside South Africa and Egypt.

Citi’s transaction services bankers can be in no doubt of the firm’s commitment to their business. Chief executive Jane Fraser is on record calling the Treasury and Trade Solutions (TTS) division the crown jewel of the bank and she rarely misses an opportunity to refer to it. The bank invested $1 billion in technology for this business alone in 2022.

Citi’s refocused strategy is bearing fruit as growing corporate balance sheets position it for business.

Citi’s crown jewels sparkle in a record-breaking year for the business.

Citi’s securities services business has put in an excellent year both in terms of new business and digital innovation.

In some years this award is a close decision, with two or three banks vying for the prize. This wasn’t one of those years.

Citi is the standout winner of the award for the region’s best bank for advisory in 2023. In a strong year for M&A, it was way ahead of the pack. It advised on 18 completed deals collectively worth $32.1 billion, giving it a 26.5% share of the market, according to data from Dealogic.

Kevin Lam is to lead the Malaysian bank, becoming the second person within three years to step down as UOB’s TMRW digital head.

The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.

Relative winners after a year of interest rate hikes include Bank of America and Citigroup. Losers are led by regional US banks, while alternative asset managers argue that higher rates present a historic opportunity.

With more than $740 billion in client assets in its global wealth management business, Citi embodies the modern-day financial behemoth.

Citi’s decision to create a single wealth-management platform in early 2021, Citi Global Wealth (CGW), is bearing fruit.

Citi’s Wealth at Work, which delivers wealth services to white-collar professionals in sectors from law and asset management to private equity, is less than two years old. Its founder and global head Naz Vahid talks to Euromoney about the concept and where the division can go from here.

Restrictions on redundancies force out larger banks in Mexico from bidding for business.

The bank is focusing on organic growth by acquiring retail clients and launching a private bank.

A groundbreaking repo facility for African sovereign Eurobonds was completed in time for a debut trade as COP27 took place. The road to closing the deal was far from simple.

This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.

Societe Generale has exited, and Citi is winding down in retail, but the two biggest remaining Western European players in Russia are also spending a lot of time working out their exposures and operations in the country.

Amitabh Chaudhry seeks to elevate Axis from its strong position in India to a premium one. The purchase of Citi’s consumer finance business will help – but only if it can keep Citi’s customers.

As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.

If you want to get ahead in investment banking it is time to hit the beach.

Trading divisions at banks aren’t just offsetting slumping deal fees, they are also becoming more efficient. They could drive an upgrade in equity valuations.