Citigroup Inc Stock Price, News & Analysis

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.

Citi and Bloomberg have announced a new integration of Bloomberg's BSKT service with Citi's ACES platform, enhancing services for ETF clients focusing on fixed income. This collaboration aims to streamline ETF creation and redemption processes, improving efficiency and reducing costs. Citi's commitment to growing its ETF servicing business is highlighted, showcasing its advanced technology and global expertise. As of Q3 2021, Citi manages approximately $29.9 trillion in assets, positioning itself as a leading provider of ETF services.

A survey conducted by Boston University's Initiative on Cities revealed that most U.S. mayors feel accountable for addressing homelessness yet believe they lack control over the crisis. Key barriers include insufficient funding (79%), public opposition to new housing (63%), and inadequate staffing, with over a quarter having no dedicated staff for homelessness. Only 40% define success as reducing homelessness, with many focusing on better housing or addressing resident complaints. The report underscores the need for improved coordination and more funding to tackle this complex issue.

Citi has announced its fourth quarter 2021 earnings, which can be accessed on its investor website. The bank operates globally with around 200 million customer accounts across 160 countries, providing a variety of financial services including consumer banking, corporate and investment banking, and wealth management. A conference call regarding the earnings will take place today at 11:00 AM ET, with additional information and financial results available online.

Citi has agreed to sell its consumer banking operations in Indonesia, Malaysia, Thailand, and Vietnam to UOB Group for S$915 million (US$690 million). The transaction involves around 5,000 employees and will free up approximately US$1.2 billion of tangible common equity for Citi. This strategic shift is part of Citi's broader efforts to enhance focus on institutional banking across the Asia Pacific region and increase returns for shareholders, with estimated completion between mid-2022 and early 2024, pending regulatory approvals.

The Board of Directors of Citigroup declared a quarterly dividend of $0.51 per share on common stock, payable on February 25, 2022. The dividend is for stockholders of record as of February 7, 2022. Additionally, dividends were declared for several preferred stocks with varying rates and payment dates. Relevant dates include:

• Series A: $29.75 on January 31, 2022
• Series B: $29.50 on February 15, 2022
• Series J: $0.4453125 on March 30, 2022

Citi announced plans to exit its consumer, small business, and middle market banking operations in Mexico, aligning with its strategic refresh aimed at simplifying operations and enhancing shareholder value. The divestiture includes businesses generating approximately $3.5 billion in revenue and $1.2 billion in pre-tax earnings. Despite the exit, Citi maintains a strong institutional presence in Mexico, focusing on wealth management and payments. CEO Jane Fraser emphasized the importance of Mexico and the commitment to invest in institutional banking there.

Citigroup Inc. has announced the redemption of $2 billion of its 3.142% Fixed Rate/Floating Rate Notes due 2023. The redemption date is set for January 24, 2022, where the cash price will equal par plus accrued interest. This action aligns with Citigroup's liability management strategy aimed at enhancing funding efficiency and capital structure. The bank remains open to further redemptions or repurchases based on various economic and regulatory factors, indicating a proactive stance in managing its debt portfolio.

Citi has reached an agreement with UnionBank of the Philippines to acquire Citi’s consumer banking franchise in the Philippines, which includes local credit cards, unsecured lending, and deposit businesses. The deal is valued at approximately PHP45.3 billion (around USD908 million) and involves around 1,750 employees transferring to UnionBank. Upon closing, Citi anticipates releasing $300 million of allocated tangible common equity. This acquisition is part of Citi's strategy to streamline operations in Asia and EMEA.