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Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.
Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com
The top investing mind at Citi Global Wealth believes a long-awaited economic slowdown isn't around the corner — it's in the rearview mirror. Job creation is starting to slow , the investment chief noted, but lower interest rates could certainly change that. Higher earnings will be driven by lower wage growth and improved productivity from innovations like artificial intelligence, Bailin said. As for stocks, Bailin prefers funds tracking the equal-weight version of the S&P 500 as earnings rise across the board. Growth stocks have carried the market this year, and the investment chief said he continues to prefer the group to cyclicals despite his rosy economic outlook.
Persons: David Bailin, , Bailin, slowdowns, I've, Bailin doesn't, — they'll Organizations: Citi Global Wealth, Business, Investors, Federal Reserve, Citi, Goldman Sachs, Management
Small-cap stocks were on investors' radar last week. The Russell 2000 index turned in five straight days of gains for the first time since mid-July, according to CNBC analysis. "We're in consumer staples stocks and Russell 2000 stocks," said Niles, adding that Pepsi is the fourth-largest holding in his Satori Fund's consumer staples basket. Both Citi and Morningstar said small-cap stocks now look cheaper than the broader market. How to play small-caps One of the more popular ways to invest in small-cap stocks is through the iShares Russell 2000 ETF (IWM).
Persons: Russell, Dan Niles, CNBC's, Niles, David Bailin, Morningstar, Davidson, — CNBC's Michelle Fox, Fred Imbert Organizations: CNBC, Russell, Pepsi, Citi, Citi Global Wealth's, Morningstar Equity Research, Ionis Pharmaceuticals, Screen CNBC Pro Locations: Israel, Gaza
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy might see 'mild recession' like 2002, says Citi's David BailinDavid Bailin, Citi Global Wealth CIO and global head of investments, and David Bahnsen, founder and CIO at the Bahnsen Group, join ‘The Exchange’ to discuss whether we are on the verge of a recession, what the recent job data suggests, and more.
Persons: Citi's David Bailin David Bailin, David Bahnsen Organizations: Citi Global Wealth CIO, Bahnsen
A forthcoming recession will be much worse than investors are expecting, said Citi Global Wealth. The Citi Global Wealth CIO shared the 6 areas he's focusing on to play the recovery. Citi Global Wealth kicked off the new year by announcing that it expected 2023 t0 be the worst year in four decades for the global economy. Like other investors, Bailin is also increasing his exposure to foreign and emerging markets this year. Only when we see a global recovery will we look more broadly at China," Bailin explained.
Recent banking turmoil in the U.S. and Europe has been a source of panic, but analysts are pointing to a pocket of opportunity: the preferred shares of the big banks. She said yields on the preferred stocks of the big banks are near 10-year highs. Preferred stocks have characteristics of both stocks and bonds — they trade on exchanges like stocks but they have a face value and pay dividends like bonds. Go big Gilbert said she would focus on preferred shares of the United States' big, national banks instead of its regional ones. How to invest There are many funds dedicated to preferred shares, as well as those that offer preferred shares as part of a larger fixed income allocation, according to Citi.
Citi Global Wealth CIO, David Bailin CitiCiti Global Wealth says investors should be cautious ahead of an oncoming US recession. The firm says 2023 will be the weakest year for global economic growth in four decades. "It's highly unlikely that we've seen the lows" in stocks, Bailin said. Overall, Citi thinks that 2023 will be the worst year for the global economy in four decades. But Bailin emphasizes that investors shouldn't sell and go to cash because they'll cost themselves money in that eventual recovery.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Citi Global’s David Bailin and Societe Generale’s Subadra RajappaCiti Global’s David Bailin and Societe Generale’s Subadra Rajappa join 'The Exchange' to discuss the Fed, inflation, recession fears and markets.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe probability of a recession is higher now than a few months ago, says Citi Global’s David BailinCiti Global’s David Bailin and Societe Generale’s Subadra Rajappa join 'The Exchange' to discuss the Fed and markets.
Here are 3 things you should do right now in this market
  + stars: | 2022-09-21 | by ( ) edition.cnn.com   time to read: 1 min
It's no secret the market is in turmoil right now with some fearing equities are headed for new lows. David Bailin, chief investment officer at Citi Global Wealth Investments, gives three pieces of advice for smart investors.
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