Citigroup Inc Stock Price, News & Analysis

Citigroup Inc. announces full redemption of £99.9 million of its 6.829% Fixed Rate/Floating Rate Enhanced TruPS® issued by Citigroup Capital XVIII, effective March 28, 2022. Holders will receive £1,000 per security plus approximately £2.77 in unpaid distributions. This move aligns with Citigroup's liability management strategy to enhance its funding and capital structure efficiency. The redemption also involves a concurrent action on junior subordinated debt securities. The Bank of New York Mellon acts as the paying agent.

Citi has been recognized as the Best Global Bank for Cash Management and Liquidity Management by Global Finance, alongside its Virtual Accounts solution being named the Best Global Virtual Accounts solution. The awards reflect Citi's digital solutions addressing cash management and liquidity needs amidst global challenges. Additionally, Citi garnered regional awards across Asia Pacific, Latin America, North America, and Western Europe, showcasing its strong performance in payments and collections, cash management, and liquidity management.

Citi Global Perspectives & Solutions has published a report titled “ELIMINATING POVERTY.” The study reveals that extreme poverty is up to six times worse than previous measures indicated. By employing multidimensional poverty indices, the report provides insights on where investments can most effectively combat poverty, with potential economic benefits exceeding $1.6 trillion annually.

CitiDirect®, the online and mobile banking platform of Citi, has been ranked as a top online portal for the sixteenth consecutive year in Coalition Greenwich’s 2021 Digital Banking Benchmarking study. This study evaluates over 50 features and acknowledges Citi's leadership in digital banking capabilities. Key growth metrics for 2021 include a 96% increase in digital account openings and a 38% rise in transaction flows via digital channels. Citi continues to invest in technology to enhance user experience and support complex multinational treasury needs.

Citi Retail Services and ExxonMobil have announced an extension of their partnership and the launch of the new Exxon Mobil Smart Card+. This upgraded credit card offers up to 12 cents off per gallon on premium fuel and 10 cents on other fuel grades at over 12,000 stations in the U.S. Additionally, cardholders can earn 5% back on in-store purchases up to $1,200 annually. This initiative aims to enhance consumer savings and strengthen customer loyalty.

Citi successfully partnered with five Black-owned firms to syndicate a $2.5 billion bond issuance, underscoring its commitment to racial equity. The funds will support the construction and preservation of affordable housing for low- and moderate-income Americans. As part of the Action for Racial Equity initiative, Citi has already invested $1 billion towards closing the racial wealth gap. This bond issuance, priced on January 18 and settled on January 25, signifies Citi's leadership in affordable housing lending, having been the top lender in the U.S. for the past 11 years.

Brooks Brothers and Citi Retail Services have announced a multi-year extension of their consumer credit card partnership, initially established in 2015. This renewal aims to enhance omnichannel engagement and strengthen customer relationships. Brooks Brothers CEO, Ken Ohashi, noted that the partnership has been vital for growth in their payment offerings. Citi's Business Head, Leslie McNamara, emphasized their shared commitment to innovation in creating next-gen commerce solutions. This agreement reflects a strategic collaboration between two established American brands.

Citi has announced plans to refurbish its London headquarters, Citi Tower, in Canary Wharf. This project, one of Europe’s largest workplace refurbishments, aims to create an environmentally sustainable and technologically advanced work environment, emphasizing employee well-being and collaboration. The renovation is expected to save approximately 100,000 tonnes of embodied carbon and improve energy and water efficiency by 20%. Construction will be completed by 2025, reinforcing Citi’s commitment to London as a key financial center.