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LATEST ARTICLES
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Aggregate investment banking and markets revenues fell 12% at the big five US investment banks in the first quarter of 2022. Their chief executives were confident that dealflow will return, but were also united in their uncertainty over how central bank responses to inflation will play out in markets.
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Jane Fraser can front Citi’s investor day with good news about consumer divestments in Asia. It is hard to see a Russia sale now, though.
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In a good deal for both parties, Citi makes progress on its programme of consumer business sales in Asia, while UOB gets an instant boost to its heft in Asean.
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The decision to sell Citibanamex ends the ‘Mexican exception’.
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A barnstorming year in primary equity markets and M&A advisory, combined with consistent and comprehensive debt capital markets coverage, earn Citi the award for the region’s best investment bank.
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Citi wins this award in part because it was so successful in securing a role for itself in the region’s big Spac deals. The US bank completed 11 M&A transactions in the year to the end of March 2021, worth a total of $53.3 billion, according to Dealogic data, for a 37% market share.
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This category highlights the range of different themes through which banks do responsible work and this year we look at Citi’s efforts with youth in the region. Youth unemployment is already a serious problem in Asia and the pandemic made it a whole lot worse. Citi’s focus on the issue deserves recognition.
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In terms of deal volume, during the qualification period for these awards there was little daylight between the top two banks, Citi and JPMorgan, in debt financing. However, Citi pipped its US rival this year for being the bank that reopened the region for debt financing after the Covid-19 deep freeze.
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An unrivalled regional network presence, commitment to innovation and consistent support for clients during the pandemic earn Citi the award for CEE’s best bank for transaction services.
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Citi stands head and shoulders above the competition in Middle East investment banking. The US bank ranked number one in M&A, completing $53.3 billion worth of deals across the awards period, according to Dealogic. It also topped the equity capital market tables, completing 18 deals worth a combined $2.33 billion. It led the way in Saudi Arabia, the UAE and Israel, completing several deals that matter deeply to a region keen to wean itself off oil and gas, and to create truly diversified economies.
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The financing category offers us three models to consider. Firms like Goldman Sachs and Morgan Stanley show greater strength in equity than debt. Others, notably Credit Suisse and Deutsche, do interesting and creative things in the debt markets, sometimes with careful use of the balance sheet, but tend to appear less in league tables.
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Regional banks in Africa are developing internationally orientated and increasingly sophisticated transaction services platforms; often, as at Equity Bank, to service corporate and small and medium-sized enterprise clients trading across borders. Ecobank, meanwhile, is bolstering its business with partnerships including part-owners Qatar National Bank and Nedbank, as well as with regional telecoms companies and payments firms like Flutterwave.
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In 2020 Citi added 11 new countries in Latin America to its digital onboarding platform, which now stands at 47 countries globally. Its global platform enables the US bank to provide unrivalled geographical breadth in its digitization efforts. Not only can the bank be more efficient itself – rolling out central innovations globally – but it also enables its multinational client list to embrace digital banking in most of the markets in which it operates.
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Jane Fraser’s decision to exit 13 Asian and EMEA retail markets makes sense if the capital is redeployed in better businesses. But has Citi forgotten the power of the Asian consumer and what they will become?
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In creating a single wealth management platform, called Citi Global Wealth, the US bank is recognizing its shortcomings and planning for the future.
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As the world cheered news of a potential Covid-19 vaccine in early November, important steps were being taken on equitable manufacture and distribution as well.
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A new book concludes that the rules for trading EM FX and fixed income have successfully survived Covid.
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The payment industry’s ability to withstand the disruption caused by the coronavirus suggests that lessons learned from previous outbreaks have served the industry well.
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Private banking is a business based on personal relationships and trust – and it’s hard to truly connect with someone on Zoom. So long as the pandemic persists, this presents a substantial challenge to wealth managers, who can only grow their businesses by bonding with wealthy clients and winning new mandates.
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Multi-dealer platforms may remain bullish about their prospects, but if other banks follow Citi’s lead and pull away from them, market share may continue to fall.
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It seems odd that a good soldier like Mike Corbat should hand to one of his colleagues the tough task of leading Citi through the Covid battlefield.
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As the world’s financial markets went into crisis in 2020, Citi showed it had the capital strength and global reach to keep its clients in business
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Citi’s scale across the emerging markets is unrivalled, and its investment bankers have been successful in playing to that strength throughout the last year.
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And the joint global coordinator is C█████ Sui███?
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The US bank’s Asia chief executive and former global head of financial institutions group talks to Euromoney about his ambitions in digital, wealth and transaction banking, and about the bank’s future as a leader of both global and local change.
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JPMorgan chief executive Jamie Dimon indicated that trading revenues could fall by 50% from their current elevated levels, but the boom has already helped to offset Covid-related loan provisions.
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Equity Bank takes the region's best bank accolade in this year's Euromoney Awards for Excellence.
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UniCredit is the region’s best bank in this year’s Euromoney Awards for Excellence.
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Citi has the largest presence of any global bank in Africa – active in over 40 countries, with offices in 16 of those. The bank excels at capacity building and innovation, working with a vast array of partnerships with government, government agencies, fintechs, local financial institutions, consumer goods companies, social enterprises and nonprofits.
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Saudi Arabia’s Al-Rajhi is named the region's best bank in this year’s Euromoney Awards for Excellence.
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DBS reaffirms its best bank status in the region in this year’s Euromoney Awards for Excellence.
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As of late June 2020, Citi, together with its charitable Citi Foundation, had committed some $100 million to Covid-19 relief efforts. While the targets of its aid are varied, the bank has made a special focus on supporting people and communities of colour, recognizing the disproportionate impact the pandemic has had on these communities.
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When a big US bank joins its peers around the world under an umbrella of responsible banking, it lifts the entire responsibility agenda – and this is exactly what Citi has done as an early signatory to the Principles of Responsible Banking (PRB) of the United Nations Environment Programme Finance Initiative.
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No investment bank has a greater reach in central America and the Caribbean region than Citi.
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It isn’t easy being a very big bank with a very big presence in very big markets. Citi is a big financial institution present in virtually every large Asian economy. You don’t get to be this size and to last this long without an innate ability to react smartly and nimbly to systemic threats.
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“This pandemic will change a lot of things in terms of how people approach crises in the future,” Martin Mugambi, Citi’s chief executive for Kenya and east Africa, tells Euromoney.
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Quantity was never in doubt with Citi – every year, its capital markets team churn out the deals. When it adds quality to the mix, and an ability to innovate, it’s unbeatable.
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As the Middle East enters a new phase of development, one in which governments can no longer rely on endless petrodollars and in which economies built on global trade and travel will have to adapt to survive, it will need banks with outstanding M&A and advisory capabilities. Citi is such a bank.
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The US’s PNC Financial Services and Royal Bank of Canada win the best bank accolades in their respective countries in this year’s Euromoney Awards for Excellence.
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Citi worked hard to mitigate the effects of the pandemic throughout central and Latin America and, given its history and geographical spread throughout the region, its impact was widespread.
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Income, racial and gender inequality have been at the top of the news agenda for months. The financial sector now needs to go beyond programmes, initiatives and box-ticking and embed diversity and inclusion into all it does.
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Another brisk year of M&A deal flow in CEE produced a clear winner on the advisory side. The best bank for advisory, Citi, dominated Dealogic’s league tables for the 12 months to the end of March, acting on 17 deals worth $17.7 billion, versus just $9.5 billion for its nearest rival.
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With Africa and the world expected to enter a protracted period of low growth, more companies will need to restructure and M&A will become a more dominant trend in the region. Over the last 12 months, Citi has demonstrated its expertise in these fields in Africa and it is Euromoney’s best bank for advisory in Africa this year.
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Just like the global financial crisis, Australia is emerging from Covid-19 more strongly than the rest of the developed world. Investment banks here have never been busier, raising huge sums of equity from one of the world’s largest asset pools. In the first of a two-part series on Australian investment banking, we look at the work that came out of a global pandemic.
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In this two-part podcast, we explore the history and expansion of the private sector and venture capital into space exploration, including insights from Nasa’s chief economist, Alexander MacDonald; Apollo astronaut, Bill Anders; CEO of the Coalition for Deep Space Exploration, Mary Lynne Dittmar; and venture capitalist and Space X and Tesla board director, Steve Jurvetson.
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Big data, satellite feeds from space and social media platforms is just some of the technology changing corporate disclosure. In this episode, we will be looking at the tech innovations that are helping corporates map their supply chain and influence environmental social and governance (ESG) goals on the way.
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Over $30 trillion has been invested in environmental social and governance (ESG) themed assets. With over 600 ESG rankings and ratings and over 4,000 ESG key performance indicators, standardization has never been more important. But who decides on ESG standards in the corporate supply chain and how can banks help corporate treasurers navigate this evolving market?
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Everyone is hungry for data to help navigate the coronavirus crisis, but thorny questions remain about consent and privacy.
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The world as we know it has turned on its head. Reeling from Covid-19, supply chains have fractured beyond recognition and firms globally are scrambling to stay afloat in order to get goods to market. But as the lockdown continues, are companies cutting corners – and putting their environmental, social and governance (ESG) goals aside – at the expense of their workers? The same workers who will be vital once the recovery begins?
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In the latest series of Treasury and Turbulence, Euromoney will examine where Sustainable Finance in the supply chain holds up, and where it falls down.
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Some parts of US investment bank earnings in the first quarter of the year looked more like boom than bust as record trading and debt issuance helped offset weakness elsewhere. Now the banks are building reserves to prepare for coming out of lockdown
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Citi’s chief executive for Kenya and east Africa tells Euromoney how Kenya’s banks have come together to buy ventilators; how Covid-19 will accelerate the adoption of digital banking; and why the removal of the interest rate cap is more important than ever for Kenya’s SMEs.
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Sell-side research is integrating alternative data to navigate the current coronavirus crisis. It’s the future for bank research, but it’s not an easy transition.
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From financial support and flexible working to Zoom ‘happy hours’, choirs, online yoga and mindfulness classes, banks around the world are seeking to address employee mental health during the Covid-19 crisis
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Amid calls by the UN and the G20 for the private sector to do more, Citi has proposed a $100 billion coronavirus fund.
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Naveed Sultan, head of treasury and trade solutions at Citi, says the overall default risk from coronavirus will remain low and will be limited to the SME sector.
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The move to treasury and trade solutions is designed to bring cash management and trade businesses closer together.
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Retail banking has been disrupted. Now comes wholesale’s moment, as banks shift into a higher gear to meet the increasingly onerous demands of digitally connected corporates. Only the best and most adaptable firms are likely to survive.
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UBS Global Wealth Management retains the top spot; JPMorgan is a standout, too.
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Pressure on wealth management profits will become fiercer in the decade ahead as low interest rates prevail. Business heads say global expertise, proximity to clients, technology and providing sustainable investing opportunities will help them win more business.
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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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There were many things declared at Davos this year that would lead us to believe that sustainability is now embedded in every decision a bank or investment manager makes. Here are some great examples that show 2020 is starting on a positive track.
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FASB chair grilled by US lawmakers over implementation cost of new accounting rules.
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The global bank has refreshed its senior management but needs to start demonstrating its platform can deliver best-in-class returns.
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HSBC takes the top spot in Euromoney’s survey for the third year in a row.
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Partnership with digital investor platform is the latest move by bank’s Sprint fintech team.
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The dynamics of the US securitization market have changed beyond recognition, while the role of banks in ABS has evolved too. The excesses of the past have gone and securitization is now a safe and reliable funding tool for consumer lending. So why don’t banks want to talk up their role in the market?
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Why does the tech behemoth want to provide current accounts for users? It’s the data, stupid.
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It appears that basic errors rather than deliberate attempts to game the system lay behind Citi’s large miscalculations of UK RWAs and CET1.
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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The bank's head of treasury and trade solutions, EMEA, says: 'In transaction banking, we see exponential growth.'
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Overall Credit Strategy Fixed Income Research (inclusive of all research) Actionable Trade Ideas
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Stories of corporate treasury innovating to mitigate external threats.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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Citi remains the name to beat in regional transaction services.
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Citi has long impressed for its front-end digital excellence, with streamlined and clever apps aplenty, and for its ability to integrate itself into the lives of its customers at every level through a string of partnerships across the region.
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Continued investment in people, technology and partnerships to consolidate the bank’s cash and trade networks in sub-Saharan Africa make Citi Africa’s best bank for transaction services for the third year in a row under Peter Crawley, its treasury and trade solutions head, based in Johannesburg.
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Citi’s reach and knowledge of African markets combined with its international banking expertise and balance sheet make it Africa’s best bank for financing for the second year in a row.
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With Russian markets reeling from a fresh bout of sanctions and Turkey suffering extreme currency volatility, investment bankers in CEE were on the back foot last year. As the flow of larger deals slowed to a trickle, the small group of global players still focused on the region struggled to find a market for their services.
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In an industry of fast-paced change, this is the bank that is not only engaged with but driving change for the benefit of its customers.
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DBS named world’s best bank in Euromoney Awards for Excellence 2019; JPMorgan is the world’s best investment bank; Erste’s Treichl recognized as banker of the year.
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Citi’s local presence gives it an edge with financial sponsors, particularly the regional players, such as Mid Europa Partners, that drive a large chunk of deal flow in CEE.
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Citi’s worldwide presence is proving an asset as new regional trading blocs emerge.
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Stories of corporate treasury innovating to mitigate external threats
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The technology pioneer of the 1980s.
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Euromoney magazine has released the results of its 41st annual foreign exchange survey, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Citigroup president Jamie Forese and his Morgan Stanley counterpart, Colm Kelleher, are bowing out after contrasting quarters for their investment banks.
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FX prime brokers are expected to adapt to the pricing challenges of uncleared margin rules, but it remains far from clear whether these rules will push the market definitively in the direction of central clearing.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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I am delighted to see two large sustainable bond issues from US banks already this year.
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For many private banks that set up in Asia in the last decade, the cost of doing business kept them locked out of the vast expansion of wealth in the region; those that didn’t leave are settling into a more mature industry, but they are a long way from being able to relax.
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Like most of its big US peers, Citi had a strong run in 2018
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Rates are only rising because economies are doing so well and there is no need to panic, even if risk assets do sell off, at least according to the sell side.
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A strong third quarter from Morgan Stanley was the highlight of a mixed bag of numbers, while Goldman Sachs’ incoming CFO offered more glimpses of the future.
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Morgan Stanley looks best in the third quarter, but was just pipped by Goldman over a longer term analysis
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There are only two truly global, fully fledged cash management banks today, but the digital arms race in transaction services gives far more banks the opportunity to be world class.
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Global director of Citi Community Development and Inclusive Finance
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Any important new market needs its innovators, cheerleaders and pioneers… As banks try to build more responsible and sustainable businesses, these are the champions of impact banking at 10 of the world’s biggest firms. From green and blue finance to financial inclusion and social banking, they are leading the way and setting an agenda for others to follow.
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From the United Nations and the European Commission to customers and shareholders, the world’s banks face increasing pressure not only to consider their broader role in society but also to take actions that have a positive impact on it. There is no doubt that most chief executives take this challenge seriously. Whether they take it far enough remains to seen.
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Citi is mostly playing catch-up with its new corporate and investment banking (CIB) structure: it makes obvious sense, but despite coming later than many rivals it is still a work in progress.
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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.
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The last instalment of our results analysis looks at banks’ markets businesses
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Day 2 of our look at the performance of the 12 big CIBs over the past year, this time focusing on the investment banking business lines
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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A year ago, Euromoney sat with Citi’s Asia chief executive, Francisco Aristeguieta, as he outlined the progress Citi was making with a regional transformation: in consumer, in digital, in China and in trade corridors. Citi was sure it had a winning formula, but we said we needed to see evidence of it working.
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Equity capital markets moves at Citi and BAML say more about the two firms than they do about ECM.
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If there is one bank in North America that is shoring up the financial system, moving finance into a modern era and willing to do what it takes to create a healthy, safe and prosperous society for employees, clients and communities, it is Citi, North America’s best bank for corporate responsibility.
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A stellar capital markets franchise, deepening advisory capability and extensive on-the-ground presence proved a winning combination for Citi in CEE investment banking.
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Citi wins the region’s best bank for financing award. The investment banking team, led by Chris Gilfond, head of capital markets origination at Citi Latin America, has enjoyed greater focus from management as the bank pulled out of all but one of the region’s retail markets. After a string of disposals in recent years, it has been reinvesting.
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The firm has consistently demonstrated its commitment to work alongside communities and support their growth.
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Central and eastern Europe has found itself at the cutting edge of technology development, and Citi has shown itself to be an innovator in supporting its clients during this exciting time. For that reason, it is the region’s best bank for transaction services.
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Global growth provided the backdrop for a strong year for Citi’s financing businesses, while the return of volatility has showcased the value of its great reach
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Good, sustainable returns for shareholders are finally in sight, 10 years after the global financial crisis.
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The firm is a genuine contender in investment banking in every region of the world.
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Bank of America and Citi win top prizes; Credit Suisse’s Tidjane Thiam is named Banker of the Year; Asian banks make their mark in global awards.
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Starting with its appointment of Alison Harding-Jones from UBS’s Asian business to head European M&A, Citi had an outstanding year that appeared only to get better towards the end of the awards period, making it western European’s best bank for advisory.
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Citi may not have won best investment bank in Africa this year, but the financing capabilities it displayed over the last 12 months deserve recognition. The bank showed strength in loans, debt capital markets and equity capital markets.
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Africa has seen a seismic shift in its transaction banking operations in recent years. With many international banks retrenching, those who remain are bedding in and extending their reach across the continent.
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The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.
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Australia is used to regulatory and reputational calamity, but a case against ANZ, Citi and Deutsche has taken a more personal turn.
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Euromoney magazine has released the results of its 40th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Emirates NBD wins award for the Middle East’s best bank; Citi scoops regional investment banking category; winners demonstrate commitment to areas such as digital transformation, SME lending and corporate social responsibility across the region.
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Middle East investment banking volumes saw a tentative rebound in 2017, after a drop in 2016, suggesting that regional reform is already producing opportunities for deal makers, after the demise of the international sovereign buy-outs of the oil-boom era.
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It is one thing to simplify a business plan but quite another to execute it. Nevertheless, Citi appears to be on the verge of making its new simple approach, well, simple.
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The cat is out of the bag: the public is aware that if you want to stop something, you have to stop the financing. Right now in the US, that something is guns.
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UBS Wealth Management voted best global private bank; private banks more bullish on revenues; hiring to increase.
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While other parts of finance splinter and specialize, in wealth management it looks like bigger really does mean better: UBS wins Euromoney’s Private Banking 2018 survey yet again and the big global franchises continue to take the lion’s share of the industry.
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Equities is a business where only the top handful of banks traditionally make money. It is also a sector with shrinking volumes and revenues. So why are two banks outside the top tier – Citi and HSBC – trying to boost their franchises?
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While tax reform charges make a bad year worse for US banks, the timing of the law sets the scene for better results in 2018. But the fundamentals may not change: trading is bad, financing is good.
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Banks are booking big charges in the fourth quarter, but the domestic names are sitting pretty for the future as US taxes fall.
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CEO has broader ambitions as firm turns 10; impact investing still modest in Asia but growing.
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The results of the Euromoney Trade Finance Survey 2018 show the emergence of two very different trends: the sustained presence of the global trade finance bank, and the rising influence of regional institutions.
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The impediments to providing more trade finance to emerging-market clients are well known, but that does not make them any easier to overcome. Could the ultimate solution be in turning trade finance into an attractive asset class for institutional investors?
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Five quarters of profit after years of flat performance; consumer revamp gains traction.
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Stock buybacks are a landmark moment in Citi's resurgence
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Although banks like talking about bringing digital services to trade finance, a surprisingly low proportion of the 7,000-plus participants in Euromoney’s annual trade finance survey are actually using the technology.
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David Miliband, head of the International Rescue Committee, and Jim Cowles, CEO for EMEA at Citi, discuss exclusively with Euromoney how finance can help the refugee crisis at the launch of an initiative.
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New recruits show bank sees tangible business from Belt and Road; some will be new hires, others existing staff being moved.
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Statements of commitment are gradually appearing, but many banks are still analyzing the provisions of the code against their own businesses before declaring adherence publicly.
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HSBC holds top place in both the global financial institutions and non-financial institutions results; global banks dominate but regional banks continue rise.
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Banks are learning about the damage that being on the wrong side of environmental issues can cause.
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Citi continues to fire on all cylinders across cash management, trade finance and securities services. It combines scale and market penetration with innovation, and the sense of drive among senior staff in the region is palpable – making it our best bank for transaction services in Asia.
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Euromoney has never before given an award in Afghanistan, but the story of Azizi Bank is compelling. Formed by an ethnic business group in 2006 and owned by Dubai’s Azizi Group, it took over the Development Bank of Afghanistan from the central bank in 2009, then India’s Punjab National Bank in 2014. It is Afghanistan’s largest commercial bank, with more than 140 branches and a million customers, and employs 2,300 people, 17% of them women, which does not sound a lot but matters in Afghanistan.
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Have HSBC and Citi found a way to cut costs and maintain revenues in Latin America? If so, local banks will not accept that quietly.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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In a year that was difficult for much of Africa because of low commodity prices and especially the price of oil, which dragged down deal activity, one investment bank outshone its peers, managing to remain busy throughout the period. That bank was Citi, which wins this year’s best investment bank in Africa award.
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Africa has been a difficult market to contend with over the last year, for both local and international banks operating across the continent. But with a widespread local and correspondent banking presence, Citi has taken this year’s award for Africa’s best bank in transaction services.
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Euromoney names HSBC as the World’s Best Bank and Morgan Stanley as the World’s Best Investment Bank; UniCredit’s chief executive Jean Pierre Mustier wins Banker of the Year award.
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Citi wins the award for best bank for markets in Latin America. The US bank maintains a very wide presence in the region and is a strong competitor across the board. Led by regional head of markets and securities services, Jaime Roblesgil, the bank has been focusing on building up its controls in recent years, in alignment with its global practices. Coordination is vital. Citi has 530 personnel operating in 21 countries in the region (as well as in Miami and New York).
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Citi was knocked off the top spot in DCM in emerging Europe last year but remains a dominant force in CEE investment banking thanks to its unrivalled on-the-ground presence in the region. The US house has commercial banking operations in Russia, Hungary, Poland and Czech Republic, as well as offices in Turkey, Ukraine, Kazakhstan, Bulgaria and Slovakia. These are coordinated with a 22-strong team in Citi’s CEE banking hub in London. Citi is the winner of our award for the best bank for financing in the region.
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In a year when the geopolitical environment and the outlook for interest rates took several dramatic turns, investment banks with strength in fixed income and deep local understanding were at an advantage in our award for best bank for markets.
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Citi is perhaps the only global markets business remaining that shows that scale and breadth – both geographically and by product – can deliver good returns.
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Citi aims to develop new banking apps with the speed of a Silicon Valley startup and deliver them across a vast incumbent bank.
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The narrative in the Albanian banking sector was unchanged last year as Banka Kombetare Tregtare (BKT) continued to assert its dominance over former market leader Raiffeisen Bank. By the end of December, the Turkish-owned lender accounted for more than a quarter of all deposits in the country and nearly 22% of overall loans, while its Austrian rival saw its share of both markets slip to below 20%.
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The bank has demonstrated exceptional on-the-ground commitment and understanding of its clients across all regions.
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The Argentine banking system is beginning to return to a semblance of normality, with signs such as positive interest rates. But the road back to international standards is a long one. After many years of economic dysfunction and highly prescriptive banking regulations (including mandatory lending to segments and floors and caps on interest rates), it will take a long time for an orthodox banking sector to appear.
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Solving the challenge of the world’s unbanked is going to take investment, innovation, and an ability to bring together key players in payments, fintech and microfinance. No bank is quite as committed to that combination as Citi.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Euromoney magazine has released the results of its 39th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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As in much of the Gulf, banking conditions in Bahrain were difficult over the last year. Despite these challenges, Ahli United Bank did well.
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In corporate social responsibility, it is also rare to find financial institutions who manage to take their contributions beyond the occasional charitable donations, but rather put their financial acumen to good use in the community.
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Commercial International Bank wins region’s best bank award; winners reflect year of reform and easing bank liquidity; record year for Gulf debt capital markets sees HSBC retaining investment-banking title, while local and international banks do battle for regional and domestic awards.
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More than 2,000 private banks took part in the 2017 Euromoney private banking survey. See who’s up and who’s down globally, regionally and by country.
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UBS Wealth Management voted best global private bank; new regional winners; private banks less bullish on revenues; non-bank competition a minor concern.
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Last year was far from a vintage year for the big five US corporate and investment banking franchises, with almost no business lines seeing an overall increase in revenues in 2016, but the gains in fixed income sales and trading were enough to inch CIB division revenues up by 1.4% to $142 billion.
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Citi's new mobile app is a first crucial step to re-invention. Head of consumer banking, Stephen Bird, tells Euromoney the bank may have only a couple of years to convince customers it is the high-quality, always-connected partner with the services they want.
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The world seems to be turning away from globalization and towards protectionism. Yet despite this challenging environment for trade, the bankers who finance it remain surprisingly upbeat.
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Internal analytics, not retail price war, behind the move; strong growth expectations prompt high bank valuations.
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Brexit threatens eurozone, but region still crucial to global banks.
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Citi seeks to commit to Mexico after Latin America withdrawal; HSBC injects capital but commitment questioned.
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The topic of Brexit was never going to be far from the minds of delegates at the annual meetings of the International Monetary Fund and the Institute of International Finance, both being held this week in Washington, DC. And on Friday afternoon, delegates got a chance to hear the views of three vocal US bank chief executives — Jamie Dimon of JPMorgan, Mike Corbat of Citi and James Gorman of Morgan Stanley.
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Collapsing investment banking volumes have prompted global players to pull back from emerging Europe over the past two years. But Citi’s Jim Cowles, CEO for EMEA, has alternative sources of revenue to fall back on.
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While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
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US bank working with Singapore ride-hailer; aim to boost digital payment ambitions.
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The UK's decision to leave the EU has left corporates scrambling to review many aspects of their business to ensure they are able to withstand heightened volatility. Injecting a greater level of optionality into their hedging strategies is one way to protect themselves from increased uncertainty, says Citi.
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The fixed-income sales and trading business of the big US banks took a bath in the first quarter of this year, with revenues down by between 10% and 40%. But although not immune from market and geopolitical upheaval, the second quarter could not have looked more different.
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Results index Five years ago, Citi’s global transaction services business launched an innovation lab in Singapore, in a business park out by Changi Airport. At first it felt like a gimmick, but has considered hundreds of ideas since and put 80 to prototype.
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These are miserable times in Australian banking, which is suffering issues ranging from banking culture to credit quality as the commodity cycle ends. Commonwealth Bank has reputational issues around its CommInsure unit, while both ANZ and Westpac are under investigation for rate manipulation.
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Results index The best bank for markets category is a natural battleground for HSBC and Citi in Asia, and both had plenty to recommend them: HSBC’s China dominance, and Citi’s pan-regional excellence. Either would have been worthy winners, but Citi impressed with a business of increasing efficiency, profitability and direction.
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The world’s banks are doing more than pay lip service to corporate social responsibility. But they need to go further and make their commitment part of the fabric of each institution.
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Akbank wins best bank in central and eastern Europe; Citi retains best investment bank in the region; UniCredit is best financing house for 2016.
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This year marks the 25th anniversary of the Euromoney Awards for Excellence. They were the first of their kind in the global financial publishing industry. The nature of the global banking industry is constantly changing, and this year we made fundamental changes to the categories to reflect this.
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Results index In investment banking in this region, Citi’s historic business and corporate ties to the area have long given it an advantage in capturing the lion’s share of central America’s sporadic international capital markets transactions. The bank is increasingly successful in leveraging its corporate clients that it retains through its cash management business.
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Results index Investment banking volumes in CEE took another hit in the awards period as Russian sanctions, rising political risk in Poland and Turkey and high levels of local liquidity kept both issuers and investors on the sidelines. International bond sales fell by almost a third year on year to just $42.7 billion, according to Dealogic, while primary equity activity all but disappeared. With the exception of a trio of semi-private Russian deals, just three IPOs worth more than $50 million emerged from the whole region in the 12 months to March, while total ECM issuance came in at just $3 billion. M&A appeared to be a slightly brighter spot, with volumes rising by 16.1% to $98.9 billion. That increase, however, was accounted for by a couple of large Russian take-privates and a transfer of assets between two Kazakh state-owned entities.
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Results index Last year’s winner of best equity house and best investment bank in Africa, Citi, this year returns to win our new award for financing. The bank, which has long had a strong presence in Africa, is one of the few able to offer a comprehensive range of products throughout most of the continent. Last year it certainly showed that it could deliver on that offering.
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Banking in Argentina has been challenging in recent years. Increasingly stringent regulation has required banks to lend to certain segments at capped interest rates, while high inflation has complicated other transactional business. The banking system has, by and large, coped well with the poor business environment, and now (in private) bankers are optimistic about the money to be made in the country – from mortgages and retail lending to corporate loans, securitizations and capital markets.
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It’s steady as she goes at Citi, as the universal bank maintains unrivalled cross-border market share and product complexity
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Creating a platform that provides a coherent global service while keeping distinct regional variations has rewarded Citi with a year of further success in transaction banking.
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More than any other bank, Citi is the one FIG clients turn to when they need global financing solutions.
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From retail and investment to emerging market banking, regulatory technology is redrawing the global financial map. Data is the new capital, ideas are the new risk.
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Austrian market leader Erste Bank posted another set of healthy results in 2015 but the standout story of the year, in terms of both growth and profitability, belonged to Bawag PSK. The private equity-owned bank saw its bottom-line result jump by 26% year-on-year to €418 million, giving a sector-beating return on equity of 16.2% on the back of higher core revenues, lower operating expenses and a dramatic reduction in risk costs.
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Results index Investment bankers in Latin America would love to have discovered some momentum over the last year, but economic activity slowed – almost to a stop in some parts of the region. Deal volumes and the banks’ fee income naturally suffered. Profitability was always challenging in a region notable for thin fees and capable and aggressive local banks, and this awards period saw some international banks break. Deutsche’s high-profile withdrawal followed others’ more stealthy exits.
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Results index The Latin American market is seeing a wave of change as banks withdraw or offload their businesses. In the transaction banking business, this is giving the remaining banks scope to reconsider their positions. Citi has decided to redouble its efforts in the region and the result is that Citi wins the award for the region’s best bank for transaction services.
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Results index Citi likes to tell you that it is all over Latin America. It has exited some markets but is still where it really counts. It is this breadth of local operations that provides the edge for the bank’s market services and Citi wins three awards that are, to a greater or lesser degree, based on this geographical coverage.
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When an investment bank sponsors a national award in investigative business journalism, there will occasionally be inevitable tension between the bank that rewards the journalism while also being on the receiving end of it.
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Best bank in the Middle East Emirates NBD Best investment bank in the Middle East HSBC Best digital bank in the Middle East Emirates NBD Best bank for financing in the Middle East Citi Best bank for advisory in the Middle East Barclays Best bank for markets in the Middle East National Bank of Abu Dhabi Best bank for transaction services in the Middle East Abu Dhabi Commercial Bank Best bank for wealth management in the Middle East Audi Private Bank Best bank for CSR in the Middle East Arab African International Bank Best bank for SMEs Bank of Alexandria Best bank transformation Al Ahli Bank of Kuwait Outstanding contribution to financial services Hisham Ezz Al Arab . Country Awards for Excellence 2016: Middle East Awards for Excellence Middle East press release
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Mohamed Mansour’s decision to build his own business to manage his family’s wealth and staff it with seasoned investment bankers was dismissed by some. But six years after its formation, the billionaire’s brainstorm – a hybrid of family office, private equity firm and investment bank – is being praised and even emulated.
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Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings.
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Ex-Citi trader Carly McWilliams’ employment tribunal win will spur on other fired currency traders waiting for their day in court and encourage more women to bring unfair dismissal claims, say legal experts. The banks’ argument that a handful of rogue traders acting behind senior managers’ backs were to blame for the currency rigging scandal is contested.
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Citi JV opts for Hong Kong for IPO, but should it have gone six months ago?
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Citi’s Asia-Pacific business is the ultimate test of its universal banking model. New regional CEO Francisco Aristeguieta knows he needs to build on its strong component parts, not just to maintain its position in Asia, but to push the bank forward globally.
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Citi has confirmed it is to exit retail banking in Brazil, Colombia and Argentina in a further round of retrenchment from the region – with these latest three joining six other regional businesses sold in the past two years.
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UBS Wealth Management voted best global private bank; revenue outlook dimmer this year; asset management competition heats up.
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Extended results can be viewed here.
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Trade Finance Survey 2016 full results Global 2016 2015 1 1 Deutsche Bank 2 2 UniCredit 3 3 Citi 4 4 HSBC 5 5 Commerzbank 6 14 Société Générale 7 12 RBS 8 6 Standard Chartered 9 20 ING 10 10 Santander
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Survey attracts more than 2,000 votes as biggest players hang on to top spots
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Deutsche Bank retains its position as the leading global trade-finance bank in this year’s Euromoney survey. The German bank and overall runner-up UniCredit also dominated the results by region and by product.
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It was the weakest year for global trade since the financial crisis. Trade-finance margins and volumes fell in 2015, while bank competition and industry costs jumped. Euromoney surveys the fallout.
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Survey pulls in 27,000 responses from across financial institutions and non-financial institutions.
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View full results index
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Many banks now say cash management is the heart of their business, not just for the returns it can generate in its own right but also for the opportunity to pump other products and services through their networks. Euromoney’s survey reveals banks still have a lot of work to do to turn aspiration into reality
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Rajesh Mehta, regional head of treasury and trade solutions, EMEA, at Citi, comments on the bank’s winning mandate to provide Shell’s cash management services for 16 countries in western Europe.
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Rather than relying exclusively on in-house platforms, or buying in third-party resources, banks are benefiting from nurturing the next generation of talent to experiment with emerging fintech solutions. Citi, Commerzbank and DBS reveal their incubator strategies.
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The acquisition of Smith Barney from Citi was far from the obvious play for Morgan Stanley in 2008. Now, it looks like a masterstroke.
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Citi remains the most consistent leader in emerging markets investment banking.
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US firms named best bank and best investment bank; Hourican takes banker of the year award; ICBC’s Jiang rewarded for outstanding contribution to global financial services.
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Citi is the last global wholesale bank offering all products to its clients everywhere. It operates in 100 countries and boasts a payment system handling $3 trillion of transactions a day, which no other bank is ever likely to emulate. It has taken the axe to its global consumer business, but still operates in 24 countries. Under the leadership of Michael Corbat, Citi has closed the share price discount to book value. It must now prove that a global universal bank can avoid the pitfalls of scale and deliver sustainable returns. If it does, it will be the only one
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The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?
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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.
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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
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Move raises profile of Asia Pacific; Bird heralds ‘Asia’s century’.
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Naveed Sultan, global head of treasury and trade solutions (TTS) at Citi, explains the importance of developing SME and MME financing options, as the clout of transaction services to Citi's business strategy grows.
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Best private banking services overall
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UBS pushed into second place; majority of private banks globally expect improved revenues in 2015.
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Buys trading portfolios from Credit Suisse, Deutsche; integration of commodities and banking paying off.
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JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.
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Steven Wieting, global chief investment strategist for Citi Private Bank, shares his firm's views on the surprises of 2014 and the market ahead.
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Revenues on the rise; More lending and discretionary mandates.
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14% rise in responses pushes total to all-time high of 28,000.
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What does it take to succeed in the increasingly competitive world of transaction services? Internal collaboration, global footprint, adaptability, connectivity and mobile technology all make up part of the equation. But every bank, and every client, is different
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View full results index
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View full results index
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Farhan Faruqui leaves Citigroup to join ANZ as head of international business.
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Nadir Mahmud smiles at the irony of it. He’s been global head of Citi’s foreign exchange business for only a matter of weeks, and he’s already achieved something that has been a clear ambition of the bank for more than a decade: to reclaim its position as the leading global foreign exchange house.
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For the first quarter, Citigroup reported an 18% decline in fixed-income revenues compared with 2013 and chief financial officer John Gerspach described the overall FICC business as a “shrinking pie”.
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Vikram Pandit, the former Citigroup CEO, who was ousted in 2012, is casting his net wide as he looks for ways to stay busy.
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Citi Private Bank is set to launch its new client/banker technology platform at the end of February, with the hope it will be the industry standard for digitalization.
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Wieting took on the role in May 2013 and was formerly a director and US economist in Citi Research. He joined Smith Barney in 1996 and became lead economist for Citigroup’s US institutional equities business in 2000.
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The US bank earnings season kicked off this week with Bank of America Merrill Lynch and JPMorgan’s treasury services businesses delivering solid revenues to their corporate and investment banking divisions.
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As Euromoney sits down with Michael Corbat and Jamie Forese, US treasury bond markets are in the grip of a summer sell-off spreading uncertainty and fear across Wall Street.
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Since 2009, after John Havens had to slash headcount and reduce the investment banking business to serve far fewer customers, Citi has been fighting its way back to prominence.
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Michael Corbat looked like a safe pair of hands when he took over from Vikram Pandit as Citi’s chief executive. Known as a details man, a leader and strong manager, he will execute the strategy Pandit first laid out. But overseeing the rundown of Citi Holdings has given him a taste for better deploying scarce resources. And every business in Citi’s renowned 100-country network, the bank’s defining differentiator, will have to justify itself to his scrutiny.
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As European leaders grant the ECB expansive powers, the Cyprus bailout, the negative sovereign-bank feedback loop and the continued provision of liquidity support underscore reputational risks for the central bank, warns Willem Buiter, Citi's chief economist.
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For all the fragmentation in the FX market, the top four banks further consolidated their dominance of customer business, according to the 2013 Euromoney foreign exchange survey. As volumes rise again in FX, volatility returns and banks’ earnings from it recover, margins are still compressing. Customers are focused on cutting transaction costs. Banks face big demands on scarce IT resources.
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Christopher Laskowski is a busy man. He was recently appointed head of corporate and investment banking for Citi in Hong Kong. In this role he will cover Hong Kong-based clients and the Hong Kong investment banking team will report to him. He will also continue to head the Asia-Pacific private equity advisory practice known as the Alternative Assets Group and be the chief operating officer of the corporate and investment bank for the region.
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Citi intends to streamline the management structure within its institutional clients group (ICG), claims a person close to the matter.
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Fed thumbs up for Citi as JPMorgan stumbles; Citi’s Dickson says capital markets see increased demand.
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Citi is banking that its global footprint and strong corporate relationships will ensure transaction services remain a growing source of revenue in an otherwise challenging period for its other businesses. Technological innovation will help the bank adapt to shifting market and client demands, the bank’s top transaction banker tells Euromoney
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The US banks have posted mixed results and while shareholders are losing patience with the bigger laggards at least Goldman seems to have returned to the good old days.
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Regulators and shareholders are channelling their concerns over banks’ slow progress in shifting to new and sustainable business models to a new cadre of activist chairmen. Often experienced in the industry, independent of executive management and with strong personalities, these chairmen are increasing the pressure on bank CEOs to abandon unrealistic ambitions and reshape their banks to a new world. Expect more ructions ahead.
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FX brokers using Tradable, the open-source forex trading platform, can now trade with Citi through CitiFX TradeStream, which aggregates liquidity from select providers.
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Citi's drive to slash costs highlights CEO Corbat's bid to assuage shareholder angst.
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In Asia Pacific, Citi’s corporate and investment bank is starting to punch its weight as a broad restructuring, a shift in strategy and much soul-searching begin to bear fruit. Can it establish itself at the top of the investment banking pile?
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Citi has made a series of hires in Central and Eastern Europe, Middle East and Africa (CEEMEA) FX trading and sales.
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Sometimes, I am pleased to say, I get there before others. Those who are successful normally spot signals before they become trends and navigate accordingly. I can think of many examples: Howard Schultz, the founder of Starbucks, who realized people would pay £2.50 for a half decent cup of coffee; Steve Jobs, who saw that consumers wanted design as well as functionality; and even Barack Obama, who recognized in 2008 that the US public were desperate for change. Of course, Obama now faces a difficult re-election battle as it is not clear his tenure delivered the change that he promised.
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Citi held off the competition for the second year running to top Asiamoney’s 2012 survey of FX trading banks in Asia that provide access and services to the currencies markets.
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Citi has been busy rebuilding in recent years. Its latest attempt to put the crisis behind it came last month, when it settled with investors for $590 million over claims it failed to disclose the full extent of its dealings in the sub-prime market.
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When EuromoneyFXNews asks one of the world’s largest real-money investors what the three most important characteristics are in an ideal execution counterparty, the fund manager replies: “Pricing, pricing and pricing.”
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When EuromoneyFXNews asks one of the world’s largest real-money investors what the three most important characteristics are in an ideal execution counterparty, the fund manager replies: “Pricing, pricing and pricing.”
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It may be a poor relation to the Rugby Sevens, but in football-mad Asia the Citi Soccer Sevens, held in Hong Kong, is starting to gain a strong following.
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Citi remains the FX bank with the most wind in its sails and is now breathing down the neck of top-placed Deutsche Bank.
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Citi remains the FX bank with the most wind in its sails and is now breathing down the neck of top-placed Deutsche Bank.
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Anil Prasad, Citi’s global head of FX and local markets, believes he is close to successfully executing his three-year plan: to take his FX division back to the top of the Euromoney FX league table.
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Permission after WTO complaint; But why Citi before HSBC?
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Citi Treasury Investments follows JPMorgan's lead with ABS fund strategy; other US dollar buyers likely to follow
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Citi's latest report on Greek PSI, CDS triggers and haircuts highlights the danger Greece is facing on tipping over into a disorderly default
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Citigroup, the fourth-ranked FX bank, has launched Velocity 2.0 – the latest version of its single-dealer FX trading platform – 18 months after introducing its predecessor, Velocity 1.9, as it seeks to grab a larger share of FX trading volumes by offering easier-to-use functions and faster trading speeds.
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Citi’s chief economist Willem Buiter and global economist Ebrahim Rahbari warn the markets of financial and trade protectionism and “repression” but emphasise that emerging markets will create buoyancy for the world economy during the sovereign debt crisis.
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Citigroup’s securities and banking revenues increase 20% to $6.7 billion in the third quarter, after a credit valuation adjustment (CVA).
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Bank’s monopoly under threat after the launch of rival products by Citigroup and Morgan Stanley.
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This year’s cash management survey is particularly significant given the growing recognition of the value of cash management services in the wake of the global financial crisis and increasing concerns regarding investment banking.
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Morgan Stanley has launched FX Gateway, a new multi-manager platform aimed at providing institutional investors access to select currency managers.
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Citigroup has launched a new FX investment platform, CitiFX Access, that will offer a range of opportunities for investors to get exposure to currency markets via currency managers and to generate alpha, the bank said today.
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During the 2008 crisis, when Citigroup was accepting its bailout from the US government there were rumours circulating around Latin America that the bank would be forced, for either regulatory or capital-raising reasons, to sell Banamex. Itaú Unibanco was one of the banks most often put forward as lining up to take Citi’s Mexican franchise off its hands.
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Citigroup is pinning its global strategy on the emerging markets and holds high hopes for its Latin America business. But, right now, it is nowhere near what it could and should be. Rob Dwyer reports from New York and São Paulo.
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Citigroup has topped Asiamoney’s poll of foreign-exchange trading banks in Asia, rising two places to dethrone HSBC as the region’s most popular bank for FX service provision. Asiamoney, a sister publication of EuromoneyFXNews, ranks banks on the basis of client service ratings.
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Citigroup has made at least 20 redundancies in its FX division in London and New York due to underperformance, according to people familiar.
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Volumes in US dollar-denominated investment-grade debt could reach $100 billion in May, putting 2011 on track to beat 2010 and 2009, says Peter Aherne, head of North American capital markets and syndicate at Citi. Both January and March this year saw issuance of more than $100 billion, according to Dealogic. As of May 3, $347 billion had been issued year-to-date versus $787 billion in all of 2010.
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Bank of America Merrill Lynch is big, but it has a small FX footprint. With some key hires in recent years, it hopes to capitalize on its potential. Can it deliver? asks Hamish Risk
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John Havens takes over day-to-day running of the firm; Vikram Pandit concentrates on strategy
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The SEC’s enforcement chief Robert Khuzami is under investigation for allegedly giving preferential treatment to Citigroup in the settlement of a case related to its exposure to subprime mortgages.
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Poor Vikram Pandit can’t catch a break. Despite Citi stock being up almost 44% over 2010, and profits and revenues on the rise as credit losses decrease, Pandit seems to get blamed for everything. In January, the Indian police reportedly filed a case against Pandit and other senior Citi executives because of an alleged $70 million fraud at a Citibank branch in a New Delhi suburb. Yet more bizarre – the fraud was supposedly reported to the police by Citi itself. But an accusation made in a bar menu in the East Village in New York City poses perhaps the biggest threat to Pandit’s good-guy reputation. He’s apparently lost Santa Claus’s retirement funds.
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Citi, which has once again been ranked first globally in Euromoney’s trade finance survey (with almost double the number of points as second placed Deutsche Bank), dominates the industry.
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Court documents in the recent Terra Firma case against Citi have revealed that the relationship between the two parties was hardly harmonious long before the disputed telephone calls between David Wormsley and Guy Hands involving Cerberus Capital Management’s appetite or lack thereof for a bid for EMI.
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Funding costs are rising and the markets periodically shut down. But regulators want you to raise more and to hold more short-term liquidity that you can’t reinvest at a profit. You don’t know how regulators will classify your risk assets or how much capital they will require you to hold. But it will be more than you have. Raising it will cost more than you can earn as a return on it. Fancy a challenge? Become a CFO. Peter Lee reports.
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Old Lane is, to many outsiders, the biggest blot on Pandit’s career at Citi. After being forced out of Morgan Stanley in 2005 by its then chief executive, Philip Purcell, Pandit and a group of close colleagues, who included now-Citi senior executives such as John Havens and Brian Leach, joined the legion of former bankers who set up hedge funds. Old Lane began operations in March 2006.
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Vikram Pandit has taken Citi from a place where the institution was written off as a basket case to being a share beloved by star hedge fund managers and widely seen as a buy for widows’ and orphans’ pension pots.
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Much out-of-hours competition between investment banks in Hong Kong comes in the drinking dens of Lan Kwai Fung and Wanchai.
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Strong first-quarter results; Government ownership being sold down
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William Weaver to head Citi’s DCM team; Ulrik Ross gets bigger role at HSBC
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A sweeping management reorganization, and a focus on improving its electronic trading capabilities, has made Citi a force to be reckoned with in cash equities and derivatives.
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A year ago Citi was nowhere in rates, but a quick build-out under new management has helped it ride one of the most profitable waves of 2009.
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John Havens now leads a corporate and investment bank that has defeated the efforts of nine eminent bankers to forge its promising but disparate businesses into a true global industry leader. Senior management turnover has been a constant over the past decade, as has disappointment.
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Talk to investors in financial stocks for background on profiles of Citi and Goldman Sachs and they assume Euromoney is working up a simple comparison between the biggest loser and the biggest winner in investment banking from the near collapse of the financial system.
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From the ruins of a failed, large investment bank, Vikram Pandit and John Havens are trying to build the foundations of a much better, smaller one. It’s still global in ambition but designed to deal with fewer clients, commit its capital much more thoughtfully and this time in the right businesses. Sceptics either say they’ve heard it all before or question why it took the bank’s leaders so long to reach the obvious conclusion. But the early signs are that it’s working rather well. Peter Lee reports.
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Citi’s leadership of Euromoney’s 2009 international cash management poll results was far from a given this year.
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Tough medicine has been doled out at Citi since the arrival of Derek Bandeen as head of global equities trading last summer. After a blunt diagnosis of the problem – too many people doing the wrong things – the global equities division went through a dramatic shake-up in which it shed just over a quarter of its staff.
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Citi has hired Rodney Tsang, previously Merrill Lynch’s head of China private-sector coverage, as co-head of China investment banking. Tsang will report to Farhan Faruqui, head of Asia Pacific global banking, who says of the hire: "The non-SOE [state-owned enterprise] sector in China has been growing for the past few years, and it’s an area we’re continuing to invest resources in. Rodney’s hire is an important incremental step in that direction, not only because he has good relationships and a lot of credibility with clients but because his track record in sectors including general industry, consumer and real estate complements the expertise of our existing team very well."
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US bank gets secondary market nod; Still lacks crucial underwriting licence
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CITI: Citi’s consistency in the debt capital markets of all developing regions makes the bank stand out
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Ajay Banga has left Citi to become president and COO of MasterCard after less than a year at the helm of the US bank’s Asia-Pacific business. The news is a blow to Citi, which was in the process of reorganizing its Asian businesses under Banga as detailed in a May story in Euromoney, ‘Banga demolishes Citi’s Asia-Pac silos’. Although Citi declined to comment officially on the move beyond a statement saying that a successor would be appointed soon, sources within the firm and outside it are already speculating on who that might be. The frontrunners are believed to be Shengman Zhang, the firm’s regional president, and Stephen Bird, head of the firm’s Asia consumer business and of the key north Asia region. Another candidate mentioned is Farhan Faruqui, a rapidly rising star within the firm who now heads the global banking business for Asia, although a source within the firm speculated that it might be "a little too soon for Farhan [to reach that level]".
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Even before the global financial crisis fully hit home, Citi had recognized that its successful Asia-Pacific division could perform even better with a more centralized structure. Ajay Banga has put that in place, but the full impact of the changes might not be apparent for a while. Elliot Wilson reports.
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Agustin Carstens, the Mexican finance minister, has confirmed that Citi does not have to sell its Mexican unit, Banamex, following the US government’s investment in the US bank.
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Poor Citi. Not even sport can provide the beleaguered bank with an escape route from its woes. Just as RBS is coming under attack in the UK for spending £200 million on sponsorship contracts with top sportsmen such as Sachin Tendulkar, Jack Nicklaus and Sir Jackie Stewart weeks before it got a government bailout, Citi is facing flak for a deal with the New York Mets after receiving $45 billion of taxpayers’ money. US lawmakers have criticized Citi for continuing with a $400 million sponsorship deal for the Mets’ baseball stadium even as the bank’s future continues to be in doubt. Citi and the Mets deny that Citi Field stadium will be funded by government money, although some wags reckon the stadium should be called Fed Field.
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The Private Banking and Wealth Management Survey 2009 received 1643 valid votes (1244 'part B' votes, 399 'part A' votes), representing $11.8 trillion of Assets under Management.
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Robert Rubin has announced his decision to leave Citigroup. A year ago Euromoney was the first publication to question his role and worth at the bank. Our views are equally valid today.
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Vikram Pandit needs a good deal, and fast, to save not just his tenure but possibly his bank.
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When a bank is huge in a particular market, the cost can sometimes be a lack of agility. Success can breed complacency, and a market-leading position might lead to a certain absence of ingenuity and a danger of getting set in one’s ways. Citi, this year’s – and last year’s – overall Euromoney Cash management poll winner, runs no risk of hubris despite its vast scale and huge commercial success.
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The chief executives of 11 of the world's biggest banks discuss the lessons they have learnt from the global financial crisis, their concerns over a regulatory backlash, and how they plan to rebuild profitability in the toughest markets in history.
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Even as they delever, shed assets, raise capital and hoard liquidity against further hits, banks know they must also fundamentally change the rotten underlying business practices that led them to disaster. If they can’t, even those that manage to survive this disaster will fall victim to the next. That’s if the regulators don’t shut them down first. Peter Lee reports on an industry trying to relearn the basics.
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New heads of fixed income, loans and equity appointed in Europe – Berman takes banking role.
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Charlie Berman, a long-standing veteran of the debt origination business at Citi, is moving internally to a new job in investment banking. Berman is a Salomon stalwart, who during a long career has run European debt capital markets, either jointly or solely, and the frequent borrower business.