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Citigroup Blog Highlights
Citigroup Inc. (NYSE: C) is ranked #31 on the 2020 Fortune 1000 List.
- Citibanamex Drives Inclusive Finance with Innovative CoDi QR Digital Payments Solution
- CitiConnect, the API connectivity platform, reached a new milestone with more than 157 million API calls processed by clients in 2019, compared with 18 million in 2018
- Citi CEO Corbat to retire in Feb 2021. Jane Fraser to succeed.
- Citi's Consumer Banking Head in India leaves after 3 years
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Citigroup Sales Triggers Events
Citi CEO Michael Corbat Announces Plans to Retire in February 2021. Board of Directors Selects Jane Fraser to Succeed Corbat as CEO
Citi CEO Michael Corbat today announced that, after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from its Board of Directors in February of 2021. The Board of Directors selected Jane Fraser, currently Citi’s President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the Board of Directors, with service beginning immediately. Jane Fraser has been at Citi for 16 years and has been in her current roles since 2019.
Citigroup’s Consumer Bank Head in India to Leave After 3 Years
Citigroup Inc.’s head of consumer banking in India, Shinjini Kumar, plans to step down from her role after three years with the U.S. bank. Kumar, 53, who handled Citigroup’s consumer businesses across India, including retail banking, wealth management, credit cards and mortgages, will leave at the end of September, according to a representative for the bank.
Citigroup halts market making in retail options
Citigroup has closed its market making business in retail options, in a move that underscores how the boom in zero-commission trading has squeezed the profitability of the industry’s middlemen. The bank closed the business, which serves retail broker-dealers such as Charles Schwab and Fidelity, at the start of last month, according to three people with knowledge of the decision. However, Citi has maintained its market making operations for institutional investors and high-net-worth customers, the people said.
Citi pulled out because it was unable to compete in a technology arms race to be among the fastest and most reliable venues on Wall Street, people familiar with the talks said.
Citi Hires Ex-Startup CFO to Co-Head APAC Tech Investment Banking
A former chief financial officer of Singapore fashion startup Zilingo has reportedly resigned to join Citigroup and co-head its Asia Pacific technology investment banking unit.
Perry rejoins Citi in a similar capacity after exiting a year ago as its head of technology investment banking in Asia Pacific. Previously, he had over 20 years of corporate finance experience including in 40 initial public offerings (IPOs).
CASE STUDY: Citibank - How Big Data is delivering benefits in the banking world
Once a potential use for Big Data and analytics is identified, Citigroup carefully assesses that opportunity in terms of benefits and cost. As Michael Simone, managing director of data platform engineering at Citigroup, told me, “There are a variety of factors that are taken into consideration, which is why not all of them make it through the gate. Sometimes after going through all of the paper exercises of understanding it, we may realise that there are other ways to accomplish this and moving to Big Data just because it is Big Data may not be the right fit.”
Here's How Citigroup is Banking on Global Success with Digital Technology
Citi Philippines is pioneering the digital conversion in the region. Claiming close to half of its clients are now signed up to its internet banking services, Citi is continuing to innovate the country's financial sector. The next step is to offer the Philippines first and only online credit card application and approval system.
Customers can fill out the online form, submit their documents digitally, and then simply wait a few minutes for their approval decision - making accessing credit services easier than ever.
"We were one of the first banks to launch an online presence and also one of the pioneers in attracting customers through our website," said David Stoughton, Director for Credit Payment Products, Citigroup. "At that time, we were only capturing the information online when they apply, but the processing still takes place offline including the credit review. With this latest service, we are excited to break new ground for the industry and deliver another innovation for the Filipino consumer."
Would you like to see dozens more actionable sales trigger events? Please download the Citigroup Deep Dive Report to see all 43 sales trigger events.
Latest Citigroup Earnings Call Highlights
July 14, 2020
Executives In Attendance
- Elizabeth Lynn - Head, Investor Relations
- Mike Corbat - Chief Executive Officer
- Mark Mason - Chief Financial Officer
Analysts in Attendance
- Glenn Schorr - Evercore
- Matt O’Connor - Deutsche Bank
- Erika Najarian - Bank of America
- Mike Mayo - Wells Fargo Securities
- Gerard Cassidy - RBC
- John McDonald - Autonomous Research
- Brian Kleinhanzl - KBW
- Saul Martinez - UBS
- Ken Usdin - Jefferies
- Jim Mitchell - Seaport Global
- Charles Peabody - Portales
- Betsy Graseck - Morgan Stanley
- Citigroup reported earnings for the second quarter of 2020, with net income of $1.3 billion and earnings per share of $0.50. As in the first quarter, credit cost weighed down our net income. However, the overall business performance was strong which shows that the company has been able to navigate the COVID-19 pandemic reasonably well so far. The solid revenue growth at 5% and strong expense management down 1% both on the year-on-year basis, the margin was up 13%. Citigroup grew loans and deposits were up significantly.
- Investment Banking revenues of $1.8 billion were up 37% from last year outperforming the market wallet and delivering the highest revenue quarter since the financial crisis. Results reflected strong growth in both debt and equity underwriting, partially offset by M&A.
- The company will continue to see momentum in digital efforts as evidenced by strong growth in Citi direct users and digital account opening, which further deepen relationships with clients. In markets, Citigroup saw record volumes as Citigroup supported clients, leveraging the Citi velocity platform and electronic execution capability.
Citigroup Annual Report Highlights
CITI EXECUTIVE LEADERSHIP
|Michael Corbat||Chief Executive Officer, Citi||Citigroup, Inc.|
|Jane Fraser||President of Citi, Chief Executive Officer, Global Consumer Banking||Citigroup, Inc.|
|David Livingstone||Chief Executive Officer, Europe, Middle East & Africa||Citigroup, Inc.|
|Edward Skyler||Executive Vice President, Global Public Affairs||Citigroup, Inc.|
|Ernesto Torres Cantu||Chief Executive Officer, Latin America||Citigroup, Inc.|
|Jenny Zou||Chief of Staff, Office of the CEO||Citigroup, Inc.|
|Jessica Roos||Chief Auditor||Citigroup, Inc.|
|Karen Peetz||Chief Administrative Officer||Citigroup, Inc.|
|Mark Mason||Chief Financial Officer, Citi||Citigroup, Inc.|
|Mary McNiff||Chief Compliance Officer||Citigroup, Inc.|
|Mike Whitaker||Head of Enterprise Infrastructure, Operations & Technology||Citigroup, Inc.|
|Paco Ybarra||Chief Executive Officer, Institutional Clients Group||Citigroup, Inc.|
|Peter Babej||Chief Executive Officer, Asia Pacific||Citigroup, Inc.|
|Rohan Weerasinghe||General Counsel and Corporate Secretary||Citigroup, Inc.|
|Sara Wechter||Head of Human Resources||Citigroup, Inc.|
|Bradford Hu||Chief Risk Officer||Citigroup, Inc.|
CITI BOARD OF DIRECTORS
|John C. Dugan||Chair||Citigroup Inc.|
|Michael Corbat||Chief Executive Officer||Citigroup Inc.|
|Ellen M. Costello||Former President, CEO, & Former U.S. Country Head, BMO Financial Group||BMO Financial Corporation|
|Grace E. Dailey||Former Senior Deputy Comptroller||Chief National Bank Examiner, OCC|
|Barbara Desoer||Former Chief Executive Officer||Citibank, N.A.|
|Jane Fraser||President of Citi, Chief Executive Officer||Global Consumer Banking|
|Duncan P. Hennes||Co-Founder and Partner||Atrevida Partners, LLC|
|Peter Blair Henry||Former Dean, Stern School of Business||New York University|
|S. Leslie Ireland||Former Assistant Secretary for Intelligence and Analysis||U.S. Department of the Treasury|
|Jay Jacobs||Former President and Managing Director||Pacific Investment Management Company LLC|
|Renée J. James||Chairman and CEO, Ampere Computing, and Operating Executive||The Carlyle Group|
|Gary M. Reiner||Operating Partner||General Atlantic LLC|
|Diana L. Taylor||Former Superintendent of Banks||State of New York|
|James S. Turley||Former Chairman and CEO||Ernst & Young|
|Deborah C. Wright||Former Chairman||Carver Bancorp, Inc.|
|Alexander Wynaendts||Former CEO and Former Chairman of the Management and Executive Boards||Aegon N.V.|
|Ernesto Zedillo||Director, Center for the Study of Globalization and Professor in the Field of International Economics and Politics||Yale University|
Citigroup Financial Highlights
|Fiscal Year Ends||December 31, 2020|
|Most Recent Quarter||June 30, 2020|
|Return on Assets||0.65%|
|Return on Equity||7.07%|
|Revenue Per Share||27.64|
|Quarterly Revenue Growth||-27.80%|
|Net Income Avi to Common||12.63B|
|Quarterly Earnings Growth||-72.60%|
|Total Cash||$940.74 Billion|
|Total Cash Per Share||451.88|
|Book Value Per Share||83.41|
|Cash Flow Statement|
|Operating Cash Flow||5.71B|
|Levered Free Cash Flow||N/A|
Citibanamex Drives Inclusive Finance with Innovative CoDi QR Digital Payments Solution
In 2019, Citibanamex showcased how an innovative financial inclusion effort is delivering on the firm’s mission to enable growth and economic progress.
In partnership with Banco de México, Mexican financial authorities and other banks, the innovative new electronic payments platform Cobro Digital, or CoDi, was launched. CoDi will enable more than 5.5 million digital clients to transfer money and make payments of up to 8,000 pesos (US$400) per transaction with ease and at no cost using Quick Response (QR) codes.
TTS continues to transform itself to be the financial platform for global commerce. Digital technology is driving change across the industry, and Citi is adapting by migrating capabilities to a digital platform.
In 2019, digital onboarding went live in 25 countries — covering 58% of global volumes. And the company took the advisory dialogue with clients to new levels to help them accelerate their transformational journey to a new digital decade. Since the inception of digital onboarding, the company has led over 3,000 advisory sessions with clients across our Digital Advisory,
Treasury Diagnostics and Innovation Lab practices to help them grow,
improve risk controls and enhance financial returns. CitiConnect®, the API connectivity platform, reached a new milestone with more than 157 million API
calls processed by clients in 2019, compared with 18 million in 2018,
representing a growth rate of 750%. Core to drive to digital is
implementing a strategy where Citigroup combines proprietary solutions and partner with fintech companies like HighRadius and Cachematrix, and key industry players like PayPal, making the services available on ournindustry-leading global network.
In 2019, the company launched many innovative services for clients, including Citi®’s Payment Outlier Detection in 90 countries, with advanced analytics, artificial intelligence and machine learning to help proactively identify outlier payments; and Cross-Currency Sweeps, a liquidity management solution that aggregates foreign currency balances into a currency and account of choice. The company provided clients with an enhanced Supplier Finance offering, now with WorldLink® Payment Services, giving clients access to the combined strength of two powerful platforms. We also introduced Citi® Global Collect, a collaboration between TTS and Foreign Exchange businesses — a new cross-border platform to help clients manage collecting cross-border business-to-business payments by digitizing the transaction process and embedding FX capabilities
Citi CEO Michael Corbat Opens State-of-the-Art Facility in Sioux Falls
In September, Citi CEO Michael Corbat officially marked the opening of Citi’s new state-of-the-art operations site in Sioux Falls, extending a nearly
four-decades-long commitment to South Dakota.
Mike was joined at the ribbon-cutting ceremony by South Dakota Lieutenant
Governor Larry Rhoden; U.S. Senators John Thune and Mike Rounds; Sioux
Falls Mayor Paul TenHaken; and U.S. Representative Dusty Johnson along
with Citi colleagues, local business leaders and members of the community.
At the event, Mike discussed the pride we feel in the role that Citi has
played as a catalyst of growth in the city and shared how Citi’s $72 million
investment affirms our commitment to Sioux Falls and South Dakota.
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