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31
Jan 14, 2022
01/22
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jane fraser is on the right track.t is just going to take longer than doing just the domestic turnaround. jonathan: i want to bring in sonali as well. we have been talking about where she would exit, where she would stay. is that the expectation this morning? sonali: there was a big reshaping at citigroup in the last year, and the idea that this will cost the lives of dollars has been soaking into the market. now what the market wants to know is when are they going to start returning more capital to shareholders and expanding in the businesses that they can excel at. i want to point to some of these institutional client group numbers because the fact that they sell below expectations is a big deal. the institutional group had grown on the quarter, whereas global consumer bank has fallen. consumer banking is where jane fraser has her background and is really expected to grow the business. so the numbers alone show still a need for improvement on performance, especially in trading as investors are going to want to see he
jane fraser is on the right track.t is just going to take longer than doing just the domestic turnaround. jonathan: i want to bring in sonali as well. we have been talking about where she would exit, where she would stay. is that the expectation this morning? sonali: there was a big reshaping at citigroup in the last year, and the idea that this will cost the lives of dollars has been soaking into the market. now what the market wants to know is when are they going to start returning more...
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Jan 14, 2022
01/22
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BLOOMBERG
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manus: looking at the news flow overnight, jane fraser has managed to do a deal at citi.ed overseas bank has agreed to pay just under $4 billion for the asian assets. where does citi sit in your viewpoint? i know you have morgan stanley, jpm, etc., these are big dividend plays. what about citi? >> citi is a new position for us in our dividend strategy and it is the mirror image of j.p. morgan in terms of trying to execute a turnaround with new leadership versus jpm doing great with the same leadership for quite some time. i think investors last year really lagged peers in terms of performance, and investors kind of waiting on the turn, waiting to see evidence of the turn in the business and the organizational structure. we think they are close to that inflection point. it may not be this quarter, but within a quarter of that happening. then you look at the valuation, trading at less than one times chandra bull -- one times tangible, there is a good amount of safety. they did have a bit of a slipup in the third quarter so it will be interesting to see what they say tomorro
manus: looking at the news flow overnight, jane fraser has managed to do a deal at citi.ed overseas bank has agreed to pay just under $4 billion for the asian assets. where does citi sit in your viewpoint? i know you have morgan stanley, jpm, etc., these are big dividend plays. what about citi? >> citi is a new position for us in our dividend strategy and it is the mirror image of j.p. morgan in terms of trying to execute a turnaround with new leadership versus jpm doing great with the...
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Jan 14, 2022
01/22
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BLOOMBERG
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when it comes to citigroup, we have seen major transformations in jane fraser's first year as ceo.ng them push forward into the next leg of how they will be making revenue, with a pinch of optimism about the consumer, but also still a lot of uncertainty. wells fargo similarly getting past a lot of the expenses and tamping down on that efficiency ratio. i went to talk about j.p. morgan as the outlier with expansion because jamie dimon really did talk about the competitors, the range of competition they might be seeing, everywhere from fintech to the market that are in the industry that have really taken a lot of the market-making ability we have seen after 2008. it is interesting to hear and call them out by name. the other comment i want to point out from jamie dimon is this idea of rate hikes. you and i have been talking about this a lot. the idea that there could be potentially more than that. i want to also say that jamie dimon earlier in the media call was asked about whether the fed could be making a policy mistake, whether this could be impacting the bank, and he said he real
when it comes to citigroup, we have seen major transformations in jane fraser's first year as ceo.ng them push forward into the next leg of how they will be making revenue, with a pinch of optimism about the consumer, but also still a lot of uncertainty. wells fargo similarly getting past a lot of the expenses and tamping down on that efficiency ratio. i went to talk about j.p. morgan as the outlier with expansion because jamie dimon really did talk about the competitors, the range of...
215
215
Jan 20, 2022
01/22
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CNBC
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from jane fraser took over the bank, it may have been a bit of a mess she set out to stream line theood graces and still to early to tell work in progress when citi reports, wall street was not impressed. why, expenses were too high. up 18% year-over-year. the best thing you could say about this one is that the stock is cheap, trading at 80% of the tangible book value which would be if you liquidated and we don't do that. this is crazy cheap on book. but that is nothing new. i also like that they're finally rationalizing the worldwide network. even then, citi can't capitalize because they to pause their buy back in december because of regulatory issues now fraser said the repurchase will resume this quarter, maybe then the stock could turn around do you mind if i wait? next up, the biggest shocker of the bank earnings season, jp morgan, long considered the best of the big banks this time wall street was very disappointed even though the headline numbers were fine, their expenses were up 11% year-over-year, far out pacing the 1% sales growth and the cfo had cautious commentary on the
from jane fraser took over the bank, it may have been a bit of a mess she set out to stream line theood graces and still to early to tell work in progress when citi reports, wall street was not impressed. why, expenses were too high. up 18% year-over-year. the best thing you could say about this one is that the stock is cheap, trading at 80% of the tangible book value which would be if you liquidated and we don't do that. this is crazy cheap on book. but that is nothing new. i also like that...
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104
Jan 11, 2022
01/22
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BLOOMBERG
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ceo jane fraser says the exit could make the fort -- take the form of a sale or some other alternative. approval. the city is overhauling its strategy and plans to exit 13 other markets across asia and europe to focus on more lucrative businesses. life insurance corporation is set to be preparing for the nation's biggest ever listing. sources tell us the state run insurer will file its perspective in the final week of january, putting on track to list by march. uber reported in september they are looking to sell a 5% to 10% stake for as much as $135 billion. shery: here are some stocks we should be watching at the open in japan and south korea. ms. duco -- local media reports the bank may push up its ceo replacement plants to february. the u.s. -- also limited of biogen's alzheimer's drug. crafton also one to watch after suing apple and google over copyrights tied to its battlegrounds game. sk innovation, reports of a fire at one of its korean facilities. coming up, ing says soa's are retaking center stage as the core of china's economy. we talked to ken wong about why he favors the ye
ceo jane fraser says the exit could make the fort -- take the form of a sale or some other alternative. approval. the city is overhauling its strategy and plans to exit 13 other markets across asia and europe to focus on more lucrative businesses. life insurance corporation is set to be preparing for the nation's biggest ever listing. sources tell us the state run insurer will file its perspective in the final week of january, putting on track to list by march. uber reported in september they...
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120
Jan 14, 2022
01/22
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FBC
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businesses, earlier in the week they exited the consumer business in mexico, so under the leadership of jane fraserny needs to focus on the areas that they have economies of scale. that's what she's doing. it's a long turnaround but she is heading in the right direction and we'll get their numbers very shortly here. dagen: and moving on to what direction the federal reserve board is moving in, president biden is set to nominate former deputy secretary of the treasury sarah bloom raskin for the federal reserve's next vice chair for supervision. this is the government's most powerful overseer of the u.s. banking system and she in the past has shown a laser-like focus on the federal reserve targeting oil and gas companies and making kind of climate change part of its mandate, if you will. gerard, what do you think of her nomination? >> it's going to be interesting. probably going sail through because as you know she was part of treasury at one point and also part of the fed. we don't expect her to have any issues passing the senate but it's going to be interesting because you're right, she has a he fo
businesses, earlier in the week they exited the consumer business in mexico, so under the leadership of jane fraserny needs to focus on the areas that they have economies of scale. that's what she's doing. it's a long turnaround but she is heading in the right direction and we'll get their numbers very shortly here. dagen: and moving on to what direction the federal reserve board is moving in, president biden is set to nominate former deputy secretary of the treasury sarah bloom raskin for the...