jane fraser taking over next year. give us your thoughts. hangry at citigroup, meaning i am hungry for more information as to why they had this regulatory consent order announced last night, and i am angry that the deficiencies in the system for not shared with investors sooner. but i think there is a silver lining to me and other investors being hangry, and you have an activist in the stock here. it gives anining is extra sense of urgency for the fraser, to go zeead and mckinsey-i citigroup. she is no stranger to acquisitions and divestitures. personally as i have said over the last decade -- and i've been on your show talking about it, too. it is time for citi to sell its non-us consumer businesses, starting with asia, possibly mexico, trim the fat, show a greater sense of urgency, and realize some of the value of the parts that we estimate are worth 50% more than the current value of citigroup today. we hope and expect that jane fraser will give citigroup a fresh look just like she would have done in her old days at mckinsey. environment

i want the see what jane fraser can do but, you know, i have sort of a trading position and a holding position so the trading position, i sold. it almost wouldn't have mattered what price the stock traded at because i just found that call so uninspiring but, as a value girl, you know, i'm always interested in something that's really cheap. it is cheap. it deserves to be cheap. but i do think there is sort of a path higher. but it definitely warrants a smaller position, for sure, which it is now? guy, if not citi, then what bank >> i think citi is interesting i understand what karen is saying 100%. we mentioned for a while that citi, in terms of price to tangible book is trading at lfls we last saw probably in the financial crisis today they reported tangible book -- karen knows better than i but $62 give or take you are talking about a stock right now that's trading 62% of tangible book. >> i think 70 -- >> i didn't hear what you said but in comparison, jp morgan's tangible book went from i think 63 to $77 for reasons that karen also can explain but that's the math. so you are talking

time i'm angry these problems weren't more transparent to investorsi say bring in the new ceo, jane fraser, tomorrow time is up they were the postal child during the global financial crisis and here they need to chang the busine change the business model. bring in the new ceo now as opposed to say it's going to take time. no way no one investor has disagreed with this view >> you're talking about this as if it's a basket case. you're the one with the outperform on it >> first of all, there's a deference between the execution and the stock price. so city group and the industry, second quarter was the low water mark for earnings, returns and credit reserve bills so that's all going better you're seeing some green shoots, maybe not as much as you'd like. the piece dividends for citigroup -- not to miss the forest through the trees, the biggest driving factor will be winning the war on covid having said that, if you fall short on execution and your stock trades at one half of book value, which is where it was eight years ago when the current ceo took over. one half of book value is good book i

hello, i'm jane o'brien in washington, christian fraser is in london.d trump will facejoe biden on stage for the final presidential debate in nashville tonight. the first one was, let's face it, a mess. since then, the president has had coronavirus and joe biden is facing mounting allegations about his son. and in an effort to ensure there will be fewer than the 70 interruptions that marred the first debate, the rules tonight have been changed. it will be 90—minutes without any ad breaks split into six 15 minutes segments, and before the open discussion, each candidate will be given two minutes to respond, uninterrupted, to the moderators question. and this time the opponent's mic will be off. forjoe biden, it's surely the same game plan — do not drop the ball. because right now in all the key battle ground states — he leads in every one except ohio. keep in mind, these are all states donald trump won in 2016. we're joined now from outside the debate venue in nashville by chairman of the democratic national committee tom perez. thank you very much forjo