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☆ Citi debuts new token service in push to bring blockchains to institutions
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti debuts new token service in push to bring blockchains to institutionsRyan Rugg, Citi's global head of digital assets for treasury and trade solutions, discusses the bank's new token service, which is part of a wider push to offer crypto to institutional clients.

Persons: Ryan Rugg Organizations: Citi

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York state regulator proposes tougher guidelines for crypto listings: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Ryan Rugg, Citi's global head of digital assets for treasury and trade solutions, discusses the bank's new token service, which is part of a wider push to offer crypto to institutional clients.

Persons: explainers, Ryan Rugg Organizations: CNBC Crypto, CNBC Locations: York

☆ Citi debuts deposit and trade services on blockchains for institutional clients
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Citi is upgrading some of its services for institutional clients using blockchain technology. The banking giant introduced Citi Token Services on Monday, which will tokenize clients' deposits so they can be sent anywhere in the world instantly. The bank is also now using smart contracts to automate the trade process. Citi tested the smart contract capability with shipping and logistics giant Maersk, a client of the bank. While crypto remains in regulatory limbo and prices have been almost stagnant this year, renewed excitement about tokenizing real-world assets using blockchain technology has emerged as one of the hottest topics of the year.

Persons: Ryan Rugg, Rugg, Bernstein, Hamilton Lane, Franklin Templeton, JPMorgan Chase Organizations: Citi, Citi Token Services, Citi's Treasury, Trade Solutions, Investment, KKR, Securitize, JPMorgan Locations: U.S, Singapore

☆ Citigroup's business heads in revamped structure
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. He is an alum of the London Business School and the London School of Economics. In 2021, he became the global head of Citi's treasury and trade solutions arm. ANDY SIEG, WEALTH The incoming head of Citi's wealth management unit starts on Sept. 27, after running Bank of America's powerhouse Merrill Lynch Wealth Management division since 2017. He was previously the head of the consumer bank in Asia and Europe, Middle East and Africa.

Persons: Chris Helgren, Jane Fraser, SHAHMIR, Khaliq, Fraser, ANDREW MORTON, Morton, Lehman, PETER BABEJ, ANDY SIEG, Merrill, GONZALO LUCHETTI, Niket, Lananh Nguyen, Chizu Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, London Business School, London School of Economics, Morton, Heath, Lehman Brothers, Citi Asia Pacific, Deutsche Bank, Lazard, of America's, Merrill Lynch Wealth Management, JPMorgan Chase, Bain & Company, Thomson Locations: Toronto , Ontario, Canada, Fraser, Jarrow, Asia, Europe, Middle East, Africa, Bengaluru

☆ A worker sued her boss for sexual harassment, claiming that when he renamed a work file with his initials it was actually an abbreviation of 'A Jumbo Genital'
▼ + stars: | 2023-05-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

A worker claimed that when her boss renamed a file with his initials it actually stood for "a Jumbo Genital." She sued the company for sexual harassment, which was rejected by an employment tribunal. She also alleged that his use of "xx," "yy," and "????" In her resignation letter, she claimed she was "subjected to conduct which amounts to sexual harassment." "Based on our factual findings, all of the Claimant's allegations of sexual harassment fail," Burns added.

☆ Citigroup defends revamp as shareholders complain about sluggish stock
▼ + stars: | 2023-04-25 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

"We completely understand" shareholders' frustration with the share price, he said, after fielding several questions from shareholders on the topic. Still, Mayo welcomed Citigroup CEO Jane Fraser's pledge to receive 85% of her pay in stock, a higher proportion than peers at other banking giants. Separately, Fraser said the sale of Citigroup's Mexican consumer business, known as Banamex, was taking "longer than expected," because of its complexity. The bank is still pursuing two options for the business: a sale or initial public offering, she said. SHAREHOLDER PROPOSALSThe majority of Citigroup shareholders agreed to management proposals to elect board members and pay executives.

☆ Bank of America or Citi? Analysts say one stock is set to soar 50%
▼ + stars: | 2023-04-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Two of them were Citi and Bank of America , both of which exceeded forecasts on revenue and other metrics. Bank of America: 'Superior resiliency' Bank of America continues to demonstrate a "Goliath is Winning" theme, Wells Fargo said in an April 18 note. The bank's earnings came in at 94 cents per share, above Wall Street's estimate of 82 cents, according to Refinitiv. Wells Fargo gave Bank of America a price target of $45, or potential upside of nearly 50% from Wednesday's close. Wells Fargo gave Citi a price target of $62, or potential 24% upside from Wednesday's close — smaller than the upside it gave Bank of America.

April 14 (Reuters) - Citigroup Inc's (C.N) first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. Citi earned $1.86 per share in the first quarter, beating analysts' average estimate of $1.67, according to Refinitiv data. The bank's investment in services to corporations resulted in 31% growth in revenues in treasury and trade solutions. INVESTMENT BANKING BACK? Mason expressed cautious optimism about a recovery in investment banking.

☆ Citigroup executive says strategy refresh remains "priority"
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Citigroup Inc (C.N) is laser-focused about its "mission-critical" transformation agenda, its global head of treasury and trade solutions business said on Tuesday, as the bank undergoes a strategy refresh under Chief Executive Jane Fraser. "Transformation is the #1 priority for everybody at Citi," Shahmir Khaliq told investors at a conference, adding that it is imperative that the bank gets it right over the next 24 to 36 months. The bank has long struggled to keep pace with peers on profitability and valuations. Citi's return on assets emerged as one of the lowest among rivals in fiscal 2022. Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

His counterpart at Bank of America Corp (BAC.N), Brian Moynihan, cited resilient consumer finances and spending as positive signs. At a separate event, Bank of America's CEO reiterated what he has been saying for months - that consumer spending remains robust and is underpinning the economy. JOB CUTSDespite some easing concern about an economic slowdown, the bank chiefs said they were managing headcount to constrain costs. It aims to have a workforce of about 213,000 to 214,000 in the next three to four months, Moynihan said, down from 216,823 at the end of 2022. While consumer spending remains healthy, credit card delinquencies are increasing, and growth in Wells Fargo's commercial bank is moderating, he said.

Here are the fourth-quarter numbers versus what Wall Street expected:Net income: $2.5 billion versus $3.2 billion a year ago. Net Interest Income: $13.27 billion, above the 12.7 billion expected by analysts, according to StreetAccountTrading Revenue: Fixed Income $3.16 billion, above expectations. Revenues in services and markets divisions increased 32% and 18% respectively, driven by growth in interest income and in fixed income markets. The fixed income markets division saw revenues jump 31% to $3.2 billion, the highest fourth-quarter results ever, due to strength in rates and currencies. There was also strength in banking, with private bank revenues gaining 5% and U.S. personal bank revenues up 10%.

☆ Global financial giants and the New York Fed are rolling out a digital dollar test run as crypto reels from FTX's crash
▼ + stars: | 2022-11-15 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Large global banks are planning to pilot a digital dollar with the New York Fed. The test run will examine how a digital token can help expedite payments. Other firms also listed by the New York Fed include BNY Mellon, PNC Bank, Truist Financial, US Bancorp and TD Bank. All of the firms will participate in the project and use simulated data in a test environment. The test run follows the latest blow to the crypto sector, which was rocked last week by FTX's liquidity crisis and bankruptcy filing.

☆ Rising Rates Boost Companies’ Focus on Working Capital Management
▼ + stars: | 2022-11-03 | by ( Nina Trentmann | Kristin Broughton | ) www.wsj.com time to read: +5 min

Higher interest rates are putting more pressure on companies to free up cash from their operations, a cheaper option than relying on credit. PREVIEWRising financing costs are one of several factors pushing companies to improve how they manage working capital, alongside high inventory levels and persistent inflation. “The only difference now is that with your cost of capital being higher, sometimes the economics change, but we’re always looking at working capital,” he said. “Working capital management comes more in focus,” Mr. Fracassa said, as it costs more for companies to draw on their revolving lines of credit with today’s higher rates. “It was kind of the unique rebuild period for working capital,” Mr. Wells said.

☆ Rising Rates Boosts Companies’ Focus on Working Capital Management
▼ + stars: | 2022-11-03 | by ( Nina Trentmann | Kristin Broughton | ) www.wsj.com time to read: +6 min

☆ Citigroup profit falls on higher loan-loss reserves, weak dealmaking activity
▼ + stars: | 2022-10-14 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

Citi added $370 million to its loan-loss reserves in the latest quarter, compared with a reserve release of $1.16 billion a year earlier. Citi will likely take "3-5 years to hit more 'normalized' profitability measures", said Eric Compton, equity strategist at Morningstar. Citigroup is the most undervalued bank stock among big U.S. banks Citigroup is the most undervalued bank stock among big U.S. bankRevenue for Citi's Treasury and Trade solutions business, which processes nearly $3 trillion a day in 140 currencies and 160 countries, rose 40% to $3.2 billion as fees and trade loans grew. Net profit was $3.5 billion, or $1.63 per share, in the three months ended Sept. 30, compared with $4.6 billion, or $2.15 per share, a year earlier. Analysts on average had expected a profit of $1.42 per share, according to Refinitiv IBES data.

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