All things considered, 2017 was a relatively calm year for Citigroup, if not an optimistic one. After years of restructuring, stalled earnings, and a stock price that lagged its big-bank peers, Citi signaled that it was ready to accelerate growth in its first investors day since the 2008-09 financial crisis. The bank said it plans to boost earnings per share to $9 by 2020, up 69% in the course of three years. Its strategy? Leverage Citi’s global payments network, which reaches more countries than that of any other 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.