‘Let us do the work first:' Incoming Citigroup CEO Jane Fraser fended off tough questions about how she'll right the ship at Citigroup as her predecessor Mike Corbat prepares to exit
Friday, 15 January 2021, 23:50:35
Summary List Placement The last time Wells Fargo analyst Mike Mayo turned up the heat on Citigroup, he publicly challenged outgoing chief executive Mike Corbat over why he didn't simply throw in the towel right then and there. “Why not step aside now and have the new CEO Jane Fraser take over as a way to demonstrate the increased sense of urgency?” Mayo asked Corbat in a scorched-earth question that ramped up tensions by a few degrees on the bank's last quarterly earnings call in October 2020 . Prior to that call, Citi had been slapped with some expensive headaches, including a $400 million fine from the Federal Reserve and the Office of Comptroller of the Currency, in response to the bank's regulatory and compliance issues. Fast forward more than three months, and the Citi's president and consumer-banking chief Jane Fraser is nearing the dawn of her tenure as CEO starting in February. She's already ended up in analysts' crosshairs. On the bank's fourth-quarter earnings webcast on Friday morning, Mayo questioned what will change under Fraser, invoking a five-decade history lesson to prove his point. “You mentioned Citi being global, but despite this global status, Citi has fallen short of expectations in each of the past five decades,” the Wells Fargo analyst said to Fraser. “You'll be the seventh CEO of Citigroup when you take over,” Mayo pressed. “Why will it be different this time?” Read more: ‘Why not step aside now?' Analysts just grilled outgoing Citi CEO Mike Corbat over how he ran the bank and made comparisons to embattled Wells Fargo For Fraser, this analyst call was an opportunity to debut her vision to the public.
— Business Insider
JPM, Citigroup, Wells Fargo kick off earnings season
Friday, 15 January 2021, 21:39:16
CFRA Research Director Ken Leon joined Yahoo Finance Live to break down the recent earnings of JPM, Citigroup and Wells Fargo and what this means as the banks kick off earnings season.
— Yahoo Finance
Friday, 15 January 2021, 20:48:34
Citigroup Inc reported quarterly profit that beat market expectations on Friday, but a downbeat revenue and expense outlook showed it will take more than a year for the emerging economic recovery to trickle through to the bank's bottom line.
Citigroup Inc. (C) Q4 2020 Earnings Call Transcript
Friday, 15 January 2021, 19:48:26
Citigroup Inc. (NYSE: C) Q4 2020 earnings call dated Jan. 15, 2021 Presentation: Operator Hello and welcome to Citi’s fourth quarter 2020 earnings review with the Chief Executive Officer, Mike […] The post Citigroup Inc. (C) Q4 2020 Earnings Call Transcript first appeared on AlphaStreet .
Online Dating App Bumble Files For IPO
Friday, 15 January 2021, 18:05:11
Online Dating App Bumble Files For IPO The unprecedented frenzy to sell stock now when markets remains elevated at all time highs on the back of helicopter money, went into overdrive today when online dating app Bumble – which “differentiates” itself from the hundreds of other dating sites because women “make the first move” – filed to go public today. The Texas-based company listed in its Friday S-1 filing an offering size of $100 million, which however is a placeholder amount that will change before the actual numbers are finalized. According to Bloomberg, Bumble, which was started in 2014, will seek a valuation of $6 billion to $8 billion in the listing, and with the company expect to float between 5% and 10% of its common stock, we anticipate the final offering will be around $500 million. The company, which plans to list its shares on the Nasdaq under the ticker symbol BMBL, is using Goldman and Citigroup as lead managers on the offering. What is surprising is that Bumble has decided to pick a conventional route to court investors – a syndicate-led initial public offering – instead of taking advantage of the recent SPAC euphoria and reverse-merging with some already public shell.
— Zero Hedge
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