Citigroup Inc Stock Price, News & Analysis

Citi has launched its inaugural Social Finance Bond, valued at $1 billion, aimed at financing projects that enhance access to financial services, affordable housing, healthcare, and education in emerging markets.

The bond is part of Citi’s commitment to allocate $1 trillion to sustainable finance by 2030, with a specific goal of supporting 15 million households, including 10 million women, by 2025. The offering is set to settle on November 3, 2021.

Citi has launched an innovative digital bill payment service that facilitates real-time payments for both institutional billers and consumers via the RTP network, marking a first in the U.S. This service enables clients to send electronic bills through Request for Payment (RfP) messages, allowing consumers to pay bills instantly, any time of the day. Benefits include improved cash flow for billers and enhanced control for consumers over their payments, contributing to financial efficiency and reduced overdraft fees.

Citi has announced the wind-down of its Korean consumer banking operations as part of a strategic refocus on its Global Consumer Bank in Asia and EMEA. This decision will release approximately $7 billion in allocated tangible common equity, with $2 billion from Korea. The exit is expected to streamline operations towards four wealth centers: Singapore, Hong Kong, UAE, and London. Citi will continue to support existing clients until contract expiration while halting new consumer banking product sales.

Citigroup Inc. is redeeming a total of $3.3 billion in notes due in 2021, including $2.55 billion of 2.900% Notes and $750 million of Floating Rate Notes. The redemption date is set for November 8, 2021, with a cash redemption price equal to par plus accrued interest. This initiative aligns with Citigroup's liability management strategy aimed at enhancing funding efficiency. Citibank, N.A. serves as the paying agent for both types of notes, providing further details via linked prospectus supplements.

The Board of Directors of Citigroup declared a quarterly dividend of $0.51 per share on its common stock, payable on November 24, 2021, to stockholders of record on November 1, 2021. Additionally, preferred stock dividends were announced, including payments for Series D, J, K, M, P, W, and X stocks, with payment dates ranging from November 15, 2021 to December 30, 2021. Citigroup operates globally, serving approximately 200 million customer accounts across 160 countries.

Citi has released its third quarter 2021 earnings report, showcasing its broad range of financial products serving approximately 200 million customer accounts in over 160 countries. Key financial metrics are detailed in the Quarterly Financial Data Supplement, accessible on Citi's investor portal. A conference call is scheduled for today at 10:00 AM (ET) to discuss results. Both the earnings release and supporting materials are available for further insights into the company's performance and segment trends.

The latest study by Citi Securities Services reveals a significant shift in equities settlement practices, with 44% of market participants anticipating a transition to T+1 settlement within five years. The report highlights both the acceleration of digital initiatives due to the pandemic and the emerging challenges posed by market volatility. Notably, while financial market infrastructures (FMIs) see risk reduction as the primary benefit of shorter settlement cycles, market participants prioritize increased efficiency. Despite differing opinions on technology barriers, a majority of participants recognize the necessity of investment to support these changes.

Citi has been appointed as the depositary bank for Exscientia's ADR program, facilitating American Depositary Shares trading on Nasdaq under symbol EXAI. Each ADS represents one ordinary share, enhancing Exscientia's investor outreach. With a commitment to AI-driven drug development, Exscientia has made significant strides, including the advancement of over 25 projects and the launch of three AI-designed drug candidates into Phase 1 clinical trials. This partnership aims to leverage Citi's expertise in investor relations and global equity distribution.