Citigroup Financial News

Citigroup's EMEA equities team has gone back to the future. Financial News reported today that Marc Francis has been appointed head of high touch equities trading at the bank in London. It's not the first time he's been in that seat. 

By Junko Fujita and Tom Westbrook

MUMBAI : Private sector lender Yes Bank Ltd is looking for a new promoter to sell up to 51% stake, and has hired Citigroup’s India unit to find a buyer, two people aware of the development said. The bank has also invited some Indian lenders, including some of its existing shareholders, to join as promoter. Yes Bank, India’s sixth largest private lender by assets, is seeking a valuation of $8-9 billion, which would be 20-25% above its current market capitalization of $7.2 billion, the people said on condition of anonymity.

Abhinav Bharti is leaving the US bank, according to people familiar with the matter. He will be replaced by Arvind Vashistha, former managing director of Citigroup Inc. in India, the people said, asking not to be identified because the matter is private. Bharti is leaving after working for more than 13 years with JPMorgan, according to his LinkedIn profile. He was elevated to managing director in 2022. He joined the firm as an associate from Kotak Mahindra Bank Ltd.’s investment banking arm in 2010.

Jane Fraser, chief executive officer of Citigroup. India's perfect policy prescriptions, cast-in-stone execution schedules and an unmatched ability to deliver development on a gigantic scale make it a unique investment destination, Fraser told ET in an interview. «The move from more of a cost arbitrage in India to now looking at it in terms of innovation from our Indian tech centres — they are drivers of our business strategy,'' she said. „Citi is doing a huge amount of work in transformation globally. That is all happening here in India.''

Citigroup strategists noted a one-sidedly bullish and extended sentiment in the equities market, but a surprise in Tuesday’s CPI print could break the ongoing rally.

ITC shares this week, citing individuals familiar with the matter. The London-based tobacco giant, which currently holds a 29.03% stake in ITC through three of its entities, has been in discussions with Bank of America Corp and Citigroup Inc.

Raymond James has deepened the bench of its public finance division with the hiring of 10 former Citi staffers.

₹180.17 crore from anchor investors on March 11, a day before the Kerala-based company's IPO will open for subscription. In an exchange filing to the exchanges on Monday, the company disclosed the allocation of 61,07,325 equity shares to anchor investors at a price of ₹295 per equity share.

(Reuters) -Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings (NYSE:HSBC), Citigroup and First Abu Dhabi Bank, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.

UltraTech Cement but downgraded MGL to sell. Jefferies downgraded IIFL Finance to hold and JPMorgan maintained an overweight rating on RIL.

According to Citigroup strategists, bullish sentiment in US stock futures saw a moderate increase last week, signaling a tempered pace compared to recent trends.

By Niket Nishant and Nupur Anand

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Analysts who expect the Bank of Canada’s first interest rate cut in April are rare — but they believe economic data may soon prove there’s enough disinflationary pressure to spur policymakers into action.

By Tatiana Bautzer and Nupur Anand

Chipmaker Broadcom is nearing a $3.8 billion deal to sell its business that allows users to access desktops and applications from any device to private equity firm KKR, people familiar with the matter said on Saturday. The potential deal represents an effort by Broadcom CEO Hock Tan to streamline the company's portfolio after completing its $69 billion takeover of software maker VMware in November.

Paytm may just be the beginning. India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank Group Corp. While the Paytm case was an extreme example of lapses in customer verification — it allegedly used a single identity document to open thousands of accounts — the crackdown signals growing impatience from authorities. Hardly a day passes when a bank or fintech firm isn’t fined for failing to properly vet its customers, ensnaring top lenders from State Bank of India to Citigroup Inc. Fed up with the persistent shortcomings, the Reserve Bank of India is likely to get even tougher before Governor Shaktikanta Das steps down this year.

Americans have become increasingly reliant on their credit cards since the pandemic

Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s biggest lenders and credit card issuers

Capital One Financial is betting that Americans will keep shopping and use a credit card to pay for their purchases at stores and on the internet