Citi

Tyler Dickson’s departure from Citi must rank as one of the most predictable moves in investment banking this year, even if where he has ended up is perhaps less obvious. Elsewhere, Citadel Securities is apparently set to make an offer that some of the Street might find difficult to refuse.

Derivatives structurers are thriving, but regulators aren’t convinced the biggest Wall Street banks have a firm grasp of their complex exposure.

The bank is looking to capitalise on its local presence in Latin America as Korean and Chinese firms intensify their nearshoring efforts.

Citi Islamic Investment Bank has had a good year in Bahrain and impressed with its debt capital markets work during the awards period.

The provision of transaction services in the Middle East has become one of the most fiercely competitive parts of the market, largely concentrated around banks’ ability to support local and regional champions as well as blue-chip multinationals operating in the region.

Naz Vahid is to leave Citi after nearly four decades as one of the US bank’s most effective and innovative wealth managers.

UOB’s acquisition of Citi’s consumer assets in four southeast Asia markets strengthens its status in one of the world’s fastest growing regions. The Singapore lender’s CEO Wee Ee Cheong talks to Euromoney about why this matters and what comes next.

Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future.

A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.

Citi Private Bank's chief investment office has adopted a distinctive strategy following the bank's transition to a more streamlined structure that involved shedding regional layers in Asia. This combines its global capabilities with in-depth local expertise.

Citi’s chief investment office is at the heart of Citi Private Bank. And at the heart of that is David Bailin, the US bank’s chief investment officer.

Asset managers and industry regulators face operational challenges around the tokenization of private assets.

Luring star bankers from rivals – like Citi’s appointment of JPMorgan veteran Viswas Raghavan – can bring hidden costs beyond the expense of replacing stock options for the lucky new hire.

Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.

Chief executive Jane Fraser has been true to her promise of a marquee hire to run Citi’s banking division, with the appointment today of JPMorgan veteran Viswas Raghavan. He brings a wealth of both transactional and operational management experience, but the symbolism of his arrival may be just as important.

One of the first edicts handed down by Citi’s wealth head is to tell all private bankers to track and record client calls. It has ruffled feathers at the US lender, but if it transforms the unit into the powerhouse CEO Jane Fraser wants it to be, then so be it.

No industry will be more overwhelmingly affected by new forms of artificial intelligence – both generative-AI and other technology to come – than banking. Costly but cost-effective, it is up to banks to make AI work for them, not the other way around.

Citi’s head of Asia treasury and trade solutions has retired after 40 years at the US bank. He tells Euromoney what he would do if he were a 20-something graduate today, and why it helps to be both a specialist and a jack-of-all-trades in the industry now.

They already dominate the investment banking business in Europe, and now the leading US banks have their eyes on an even bigger prize. They see their vast investments in the digital technology transforming payments and transaction services and their retained global presences as the keys to winning even greater revenues from Europe’s midsize corporates.

The World Bank is issuing ‘outcomes’ bond structures for niche sustainability themes and with new financing mechanisms. Like blue bonds, they are probably going to need some rule-setting.

The annual Senate quizzing of US big bank chief executives threw up all the usual favourite partisan arguments, but little else. If this is oversight, it often lacks insight.

As Citi presses on with its consumer-banking exits around the world, the job of defining what its international network now represents falls to its newly appointed head of international, Ernesto Torres Cantú.

Big banks are scrutinized on environmental, social and governance matters today as never before and they must often walk a tightrope between competing interests. Citi is no exception.

Exiting consumer banking in a range of markets around the world was one of Jane Fraser's first steps when she became Citi’s chief executive. The immensely complex task would need the safest of hands.

Jane Fraser, chief executive of Citi since March 2021, has a mighty task on her hands. Like so many of her predecessors, she faces the puzzle of how to articulate an identity for a bank that always seems to be trying to do too much at once. So far, she has focused on redefining the scope of the firm and most recently on adapting its structure to fit that. The hardest part – fixing the bank’s woeful returns – is still to come.

Execution is key to Fraser’s grand plan.

Andy Sieg is back again from Merrill Lynch, and has big plans for Citi’s new global wealth franchise.

Citi’s sale of its China consumer wealth portfolio to HSBC for $3.6 billion is a nuanced tale of two banks with increasingly different strategies. As HSBC tilts ever more toward Asia, Citi proves ever more inclined to see all financial services through a global prism.

A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.

Securities finance practitioners are taking a mix of approaches to managing cash, funding and liquidity in a shortened settlement cycle.