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Citigroup plans to reduce its reliance on external IT contractors from 50% to 20%, focusing on building in-house capabilities. This strategic shift raises concerns for Indian IT firms like TCS, Wipro, and LTIMindtree, which have significant business ties with Citi. Experts suggest that while this may impact larger IT service providers, it could ultimately benefit India's core banking operations and expertise in the long run.
UBS is contemplating relocating its headquarters due to costly capital regulations, which could require raising $20 to $25 billion in equity, impacting profits significantly. A move could lead to a loss of client assets in Switzerland, weakening its most profitable market, while also facing operational and regulatory challenges in potential new locations like the USA, London, or Singapore. Despite the allure of relocation, UBS risks losing market share and would need years to establish a stronger presence in the U.S. wealth market.
UBS has raised the price target for Ollie’s Bargain Outlet to $123, citing strong Q4 results and a resilient performance amid challenging consumer conditions. The company reported a 2.8% increase in same-store sales and plans to open 75 new stores in 2025, reflecting confidence in its growth potential. Other analysts have also expressed optimism, with price targets ranging from $124 to $133, highlighting Ollie’s ability to capture market share despite external challenges.
Citi has been appointed as the successor depositary bank for Prudential plc's sponsored Level 2 American Depositary Receipt (ADR) program, with ADRs trading on the NYSE under the symbol PUK, each representing two ordinary shares. Prudential's ordinary shares are also listed on the London Stock Exchange (PRU LN) and the Hong Kong Stock Exchange (2378). Citi's global network across over 65 markets will enhance accessibility and support for the ADR program.
Juan Guerrero, formerly Citi's global head of wealth credit management, has left the bank after 15 years to join Goldman Sachs as a managing director. His departure comes amid ongoing challenges at Citi Wealth, including significant fines and operational errors, as the division attempts to modernize its technology and management practices.
Citi's top executives received reduced bonuses in 2024, with payouts at 53% of the target due to slow progress on data and risk management issues amid a major overhaul. CEO Jane Fraser's compensation rose to $34.5 million, reflecting confidence in her strategic direction, while CFO Mark Mason declined his transformation bonus. The bank aims to balance ongoing investments in transformation with cost efficiencies, targeting expenses just under $53.8 billion by 2025.
Citi has awarded banking head Raghavan a compensation package of $22.6 million as he aims to enhance the bank's returns. Raghavan, a former JPMorgan dealmaker, is expected to leverage his experience to drive growth and profitability at Citi.
Citi and HSBC have reached a $12 million settlement to resolve a lawsuit concerning bond price-fixing in the UK. This agreement aims to conclude the legal disputes surrounding the alleged manipulation of bond prices. Further details on the settlement have not been disclosed.
Deutsche Bank will provide its asset management arm, DWS, with preferred access to private credit deals it originates, enhancing DWS's offerings in asset-based finance and direct lending. This move comes as demand for alternative assets surges, with DWS managing 110 billion euros in alternatives out of 1 trillion euros total assets. Patrick Connors from Deutsche Bank will join DWS as global head of private credit, reflecting the growing importance of origination in the competitive private credit market.
Deutsche Bank will provide its asset management arm, DWS, with preferred access to private credit deals, enhancing their competitive edge in the growing market. DWS will have the first look at various private credit opportunities, which it can then offer to clients. As part of this collaboration, Patrick Connors from Deutsche Bank will join DWS as the global head of private credit.
Citizens, Inc.
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citigroup shifts strategy to reduce reliance on external it contractors
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deutsche bank grants dws exclusive access to private credit opportunities
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22:45 18.03.2025
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