Citigroup Inc Stock Price, News & Analysis

Citi announced plans to hire over 100 employees for its global Internal Audit function, establishing Jacksonville, FL, and Wilmington, DE, as new strategic locations. This move aims to enhance Citi's operational capabilities by leveraging local talent and infrastructure. The Internal Audit team, comprised of over 2,000 professionals, conducts independent assessments of governance and risk management, ensuring safe and sound operations. Further details on open roles can be found at www.citicareers.com.

Citi has released a new report titled Global Supply Chains: The Complicated Road Back to 'Normal', analyzing the ongoing challenges in supply chains due to the COVID-19 pandemic. It highlights disruptions caused by factors such as increased demand for goods and macroeconomic stimuli. While pressures are stabilizing, significant improvements are lacking. The report suggests that corporates need to rethink their supply chains, focusing on digitization and local partnerships to better manage inventory and mitigate future shocks.

Citigroup Inc. has announced the complete redemption of €1,000,000,000 of its 0.500% Fixed Rate Notes due December 29, 2021. The redemption aligns with Citigroup's liability management strategy aimed at enhancing funding and capital efficiency. Investors will receive the cash redemption price, which includes par plus accrued interest. Post-redemption, these notes will cease to exist, and interest will no longer accrue. Citigroup remains open to future redemptions based on various financial factors.

The Citi Foundation has announced $25 million in unrestricted grants for 50 nonprofit organizations through its Community Progress Makers initiative. Each selected organization will receive $500,000 to promote social and economic opportunity in underserved communities across six U.S. cities: Chicago, Los Angeles, Miami, New York City, San Francisco Bay Area, and Washington, D.C. This funding aims to address income inequality and enhance community support.

Citi's Treasury and Trade Solutions has enhanced its Present and Pay platform for U.S. institutional billers, introducing new features like Citi Verify for real-time account validation and Request for Pay (RfP) messaging for e-bill distribution. These enhancements aim to improve the customer experience by allowing real-time payments and compliance with new regulations. With these capabilities, clients can streamline operations, access working capital, and provide consumers with greater payment flexibility. The initiative relies on partnerships with billing service providers, enhancing Citi's service offerings.

Citi Global Wealth Investments has released its Outlook 2022 report, which forecasts a normalization of economic conditions following the pandemic's strong recovery phase. The report emphasizes the need for investors to adjust portfolios by focusing on 'long-term leaders' in high-quality companies, suggesting potential for 8% earnings growth in 2022. Citi warns of risks including COVID-19 mutations and geopolitical tensions, while highlighting trends in digitization and economic shifts towards Asia. The report offers insights into maintaining wealth amid negative real interest rates.

Citi has expanded its Cross-Currency Sweeps cash management solution to 14 additional European countries, enhancing treasurers' ability to manage FX and cash positions across multiple currencies efficiently.

This service automates the conversion of available liquidity into the desired currency, facilitating same-day settlements and seamless fund movements. It aims to address manual processes in liquidity management, offering improved efficiency and transparent cash management strategies.

Citi has been appointed as the successor depositary bank for PAO Severstal's Global Depositary Receipt (GDR) program, which is listed on the London Stock Exchange under the symbol 'SVST'. Each GDR represents one ordinary share of Severstal, also traded on the Moscow Exchange under the symbol 'CHMF'. Sberbank of Russia will serve as the custodian for local underlying shares. Dirk Jones from Citi expressed enthusiasm for the partnership, emphasizing support for Severstal’s investor outreach and the utilization of Citi’s global equity distribution network.

Citi (NYSE:C) and Taskize Limited have entered a strategic agreement enabling Citi Securities Services' custody clients to utilize Taskize's query management platform, enhancing operational workflows. This collaboration leverages Taskize's structured workflow capabilities with Citi's custody network across over 60 markets. The partnership aims to improve query management, replacing traditional email methods with real-time visibility and audit trails, while maintaining data sovereignty. This development underscores Citi's commitment to innovative solutions and risk mitigation for its clients.