All things considered, 2017 was a relatively calm and scandal-free year for the bank–if not a generally optimistic one. As a Wall Street-friendly administration appeared in Washington D.C. at the turn of the year, Citigroup also sought to set a new stage for itself. After years of restructuring, stalled earnings, and a stock price that lagging behind its big-bank-peers, Citigroup signalled that it was ready to accelerate growth once again during its first investors day since the Financial Crisis. The bank said it plans to boost earnings per share to $9 by 2020, up 69% in the course of three years. What’s the game plan for getting there? A major part included Citi’s so-called global network–a payments processor that reaches more countries than that of any other major bank.
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News about Citigroup
With 209,000 workers worldwide, Citigroup is under pressure to get its costs in line with its competitors.
Banking profits remained robust, but December’s volatility hurt bottom lines and analysts are keeping an eye on leveraged loans.
Corbat notes strong fundamentals despite a rocky Q4 that hurt bank’s bottom line.
Citigroup is moving 1,100 employees out of the One Court Square office building in Long Island City.
JPMorgan said it is pledging to give out $10 billion in loans to women-owned businesses.