Citigroup Inc, powering financial solutions across the globe

Citigroup positions itself as a top-tier banking partner for institutions with cross-border needs, a global leader in wealth management, a valued personal bank in its home market, and a key player in stock trading. It operates through various segments including Services, Markets, Banking, U.S. Personal Banking (USPB), and Wealth [Reuters].

• The Services segment offers treasury and trade solutions (TTS), delivering customised cash management, trade, and working capital services to multinational corporations, financial institutions, and public sector organisations.
• The Markets segment provides a broad array of sales and trading services across equities, foreign exchange, rates, spread products, and commodities to corporate, institutional, and public sector clients globally.
• The Banking segment includes investment banking, helping clients raise capital to expand and strengthen their businesses.
• The USPB segment focuses on branded and co-branded credit cards and retail services.
• The Wealth segment encompasses private banking, workplace wealth services, and Citigold, offering a range of financial services to its clients.

Citigroup operates with an on-the-ground presence in over 90 countries and has the ability to issue currencies in 144 nations. With a global workforce of approximately 229k employees, the company maintains trading floors in 77 countries, further solidifying its extensive international reach and influence in the financial markets.

Each day, Citigroup’s global network facilitates nearly $5 trillion in financial flows across borders, currencies, and asset classes—an amount equivalent to Germany’s GDP. The company serves 19k clients, including 85% of Fortune 500 companies. With $1+ trillion committed to Environmental, Social, and Governance (ESG) initiatives, the company is at the forefront of addressing increasingly interconnected societal challenges, holding itself accountable to ambitious goals. Additionally, Citigroup’s personalised financial solutions reach more than 100 million customers through its retail banking, credit card, and wealth management businesses, supported by leading digital capabilities.

Citigroup is not without its own challenges, with the company having been “fined $135.6 million by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) for not adequately addressing internal control and risk issues outlined in a 2020 consent order. This adds to the $400 million fine Citi paid at the time. While Citigroup has made progress, regulators still have significant concerns, especially around internal communication and risk management. CEO Jane Fraser has focused her tenure on simplifying the bank’s operations, but challenges remain”. (Associated Press)

Stock listing and market capitalisation

Citigroup stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol “C”. The company is also a component of various indices. These include

• S&P 500                     
• DJ US  
• DJ Large-Cap              
• DJ Financials  
• DJ Banks         
• DJ Large-Cap Value                
• DJ Value                     
• KBW Bank      
• NYSE TOP US 100                   
• NYSE Composite        
• S&P Global 100          
• S&P 100         
• Dow Jones Gl Titan 50 EUR   
• DJ Global Titans         
• DJ Banks Titans 30     
• DJ Sector Titans Composite  
• S&P Industrials Composite                
• S&P 500 Financials    
• S&P Composite 1500 Financials

The company’s market capitalisation is at US$118.87 billion at close 18 October 2024. Revenue is valued at US$69.31 billion, with a net income of US$7.99 billion.

Citigroup’s largest shareholders

As of 30 June 2024, Vanguard Group Inc. holds the largest stake with 167.92 million shares, representing 8.80% of ownership, valued at $10.55 billion. BlackRock Inc. follows closely with 159.57 million shares, or 8.36%, worth $10.03 billion. State Street Corporation holds 82.2 million shares (4.31%) valued at $5.17 billion, while Berkshire Hathaway Inc. owns 55.24 million shares (2.90%), valued at $3.47 billion. Geode Capital Management, LLC holds 39.13 million shares (2.05%) worth $2.46 billion, and Price (T. Rowe) Associates Inc. has 35.72 million shares (1.87%) valued at $2.25 billion. Other notable holders include Bank of New York Mellon Corporation with 30.01 million shares (1.57%), Fisher Asset Management, LLC with 28.06 million shares (1.47%), FMR, LLC with 27.2 million shares (1.43%), and Franklin Resources, Inc. with 25.35 million shares (1.33%).

3^rd quarter 2024 results

On 15 October 2024 Citigroup Inc. reported a third-quarter 2024 net income of $3.2 billion, or $1.51 per diluted share, on revenues of $20.3 billion. This compares to a net income of $3.5 billion, or $1.63 per diluted share, on revenues of $20.1 billion for the same period in 2023. Revenues increased by 1% year-over-year, or 3% excluding a $400 million gain from the prior year’s sale of the Taiwan consumer banking business. The revenue growth was driven by all business sectors except All Other, while net income of $3.2 billion decreased from $3.5 billion in the prior-year period primarily due to higher credit costs, partially offset by increased revenues and lower expenses. Earnings per share also fell from $1.63 to $1.51, reflecting the decline in net income. All percentage comparisons refer to Q3 2024 versus Q3 2023.

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