Citigroup is a latecomer to China's banking industry and it has catching up to do. It makes more sense for Citigroup to explore other options, such as taking stakes in Guangdong Bank, which also has a national distribution network, to help them expand.
Quotes about citigroup (16 Quotes)
This report highlights the current gap in federal oversight that is a major problem and needs immediate correction, ... Enron's deceptions were shocking, and equally shocking was the extent to which respected U.S. financial institutions like (J.P. Morgan) Chase, Citigroup, and Merrill Lynch helped Enron carry out its deceptions and mislead investors and analysts about the company's finances.
To say that Citibank has had more than its share of problems would be an understatement. In May, for instance, the bank agreed on a 2.65 billion settlement with investors who bought stock and bonds in WorldCom before it filed for bankruptcy. Later that month, the Federal Reserve fined the bank 70 million for abuses in personal and mortgage loans to low-income and high-risk borrowers. In June, Citigroup suspended two executives in China, citing them for presenting false financial information to Chinese regulators and to the bank itself. In August, British regulators began an investigation of a 13.5 billion bond trade that was executed by Citigroup. Then, in September, Japan ordered Citigroup to close its private banking unit there for, among other things, failing to guard against money laundering. That was apparently the last straw for CEO Charles Prince. After a very public apology to the Japanese people, Prince set about on a daunting task -- changing the corporate culture of the financial giant. Is it possible Yes, ... But it's not probable. There's very little meaningful change that can go on in an organization because of past investments, taken-for-granted assumptions, vested interests in the status quo, inertia and other deeply rooted factors.
It's been a steady, slow grind down, the same thing we've been seeing for weeks, ... You have the financials getting hit hard on the Enron stories and concerns about debt. Citigroup is heavily weighted and it's having an impact on the rest of the sector.
We like Waters Corporation, ... It's a company that specializes in equipment for biotech research, great balance sheet, firm fundamentals. In financials, we would throw in Wells Fargo, TCF Financial Corporation, and Citigroup.
We believe it is unlikely that Citigroup knowingly participated in fraudulent activity related to Enron, and history suggests bank stocks bounce highly after a market crisis,
Citigroup looks likely to continue to benefit from the benign interest rate outlook, global economic expansion and the markets liquidity premium.
Citigroup already broke the ice. There is less market impact for Bank of America.
Citigroup being a big new buyer does put a little more consolidation potential in the mid-sized bank stocks.
I like Citigroup as a nice core holding. It's a big money-center bank. They do have some exposure, of course, to Salomon Smith Barney in the brokerage industry, ... This stock has pulled back in here, 44.95 a share. I think that it's going to grow those earnings at around 14 percent -- 11 times and 12 times earnings, that's a cheap stock.
It's a fair price only if you believe Citigroup is an average company. I think it's an above-average company. That's why they're everywhere.
Citigroup needed a lot more earnings to hit its estimates and Sandy just found them in a dominant company, ... This will give them a foothold in the United States, which is critical because that's where the money is made.
I think we're seeing a transition from a lot of the legacy Citigroup people, the people who built this company, to the new guard,
As foreign financial holdings like Citigroup and HSBC have come to China, there seems no reason not to allow Chinese banks to create home- grown financial groups.
As long as trade policy doesn't get in the way, Citigroup is in a great position right now. They know how to manage their bottom line, their top line. They know how to position themselves for any different phase of growth. This is a great company all around,
This is a landmark deal for Russia, so any international bank with a serious intention of doing business in the country should want to be in it. Citigroup is a major player in the market.