Citigroup Inc - C STOCK NEWS

Citi appointed as depositary bank for Turbo Energy's IPO of American Depositary Shares (ADSs), representing ordinary shares. Turbo Energy's ADSs trade on Nasdaq under symbol 'TURB'. Each ADS represents 5 ordinary shares. Turbo Energy plans ambitious expansion. Citi to support ADR program and investor outreach.

Update regarding fallback provisions for outstanding USD LIBOR CMS Instruments. Citigroup Inc. provides notice that the USD LIBOR CMS Rate will be determined by reference to the USD SOFR Spread-Adjusted ICE Swap Rate® after June 30, 2023. No concrete business takes affecting stock price.

Inflation and market volatility are the primary concerns for business leaders, according to a survey by Citi Commercial Bank. 72% of respondents said managing costs is the biggest challenge to business success. 52% believe supply chain issues have improved in the last year. 55% are on track to be carbon neutral by 2050. 52% are considering international expansion, with 27% looking to expand to Asia-Pacific markets. Some industries, such as Consumer and Retail and Digital, Technology, and Communications, are more likely to consider international expansion. Supply chain outlook has improved for Consumer and Retail and Industrials, but worsened for Healthcare. Managing costs is the biggest challenge for Industrials and Healthcare companies. Staffing is a major challenge for Digital, Technology, and Communications and Healthcare industries. The survey included responses from various industry segments across different regions.

Citi appointed as depositary bank for Arm's IPO of ADRs, priced at $51 per ADR

Citi Treasury and Trade Solutions announces the creation of Citi Token Services for cash management and trade finance, using blockchain and smart contract technologies. Institutional clients will have access to cross-border payments, liquidity, and automated trade finance solutions on a 24/7 basis. The technology used in the pilot reduced transaction processing times from days to minutes.

Citi's report highlights the major opportunity in the cross-border payments space, with expected growth rates in the high-single digits for innovative players. The value of cross-border payments is projected to increase from $150 trillion in 2017 to over $250 trillion by 2027. However, market share shifts will negatively impact incumbents, with almost 90% of financial institution clients believing at least 5% of market share will be lost to FinTechs. Challenges exist in responding to industry evolution, but financial institutions are focused on innovation and exploring traditional fiat currency and digital asset spaces. Key emerging technologies like AI, the Metaverse, embedded finance, and open banking have the potential to disrupt cross-border payments. Client experience is a key focus, with a need to revamp front ends and prioritize speed, cost-efficiency, and transparency. Overall, the report presents a positive outlook for players in the cross-border payments space, but incumbents will face challenges and competition from FinTechs.

Citi Securities Services becomes first digital custodian participant of BondbloX Bond Exchange (BBX)

Citi Treasury and Trade Solutions launches new payment solutions for FI clients, including extending USD Clearing for commercial payments, providing transparency on deducted fees, initiating payments in over 70+ currencies, and accessing Swift Go benefits.

Citi announces significant changes to its organizational model, streamlining management structure and enhancing client delivery. Leaders of each business will report directly to the CEO, eliminating management layers. The new model aims to increase accountability, improve decision-making, and strengthen focus on clients. The firm's geographies outside of North America will be consolidated under a common management team. A newly-created Client organization will enhance client engagement and experience. Citi is committed to delivering on its medium-term targets and transformation plan.