We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Citigroup Plans to Boost Asia Business Amid Coronavirus Fears
Read MoreHide Full Article
Per a Bloomberg article, Citigroup (C - Free Report) expects to strengthen the retail wealth management unit in Asia by making investments in online trading despite the slowdown in business activities globally due to the novel coronavirus outbreak.
The company expects a 10% increase in new clients and assets in the region. Also, it seeks to deepen presence in about 12 markets through improvement in technology such as electronic authorization of documents and digital systems.
Citigroup’s retail wealth business caters clients those who have investable assets of $100,000 to $10 million. Fabio Fontainha, Citigroup’s head of retail banking for the Asia Pacific, said, “We think wealth is a leading business here in Asia.”
Per the article, Citigroup plans to significantly increase the number of its wealth-management clients by 2025 in Singapore itself. Also, due to the covid-19 fears, relationship managers are approaching customers by video conferencing and through mobile chats.
Fontainha added that the trend to reach clients through alternative modes and conduct online banking is only to pick uptrend. Also, it is expected to be an advantage for the bank as it gets about a third of new clients online.
Recently, Citigroup along with other Wall Street biggies like JPMorgan Chase (JPM - Free Report) , Bank of America (BAC - Free Report) , Morgan Stanley, Wells Fargo (WFC - Free Report) and Goldman Sachs announced plans to suspend stock repurchase programs in the light of the coronavirus outbreak.
“The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks have an unquestioned ability and commitment to supporting our customers, clients and the nation,” the Financial Services Forum said.
Shares of Citigroup have lost 26.5% over the past six months compared with 23.2% decline recorded by the industry.
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
Image: Bigstock
Citigroup Plans to Boost Asia Business Amid Coronavirus Fears
Per a Bloomberg article, Citigroup (C - Free Report) expects to strengthen the retail wealth management unit in Asia by making investments in online trading despite the slowdown in business activities globally due to the novel coronavirus outbreak.
The company expects a 10% increase in new clients and assets in the region. Also, it seeks to deepen presence in about 12 markets through improvement in technology such as electronic authorization of documents and digital systems.
Citigroup’s retail wealth business caters clients those who have investable assets of $100,000 to $10 million. Fabio Fontainha, Citigroup’s head of retail banking for the Asia Pacific, said, “We think wealth is a leading business here in Asia.”
Per the article, Citigroup plans to significantly increase the number of its wealth-management clients by 2025 in Singapore itself. Also, due to the covid-19 fears, relationship managers are approaching customers by video conferencing and through mobile chats.
Fontainha added that the trend to reach clients through alternative modes and conduct online banking is only to pick uptrend. Also, it is expected to be an advantage for the bank as it gets about a third of new clients online.
Recently, Citigroup along with other Wall Street biggies like JPMorgan Chase (JPM - Free Report) , Bank of America (BAC - Free Report) , Morgan Stanley, Wells Fargo (WFC - Free Report) and Goldman Sachs announced plans to suspend stock repurchase programs in the light of the coronavirus outbreak.
“The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks have an unquestioned ability and commitment to supporting our customers, clients and the nation,” the Financial Services Forum said.
Shares of Citigroup have lost 26.5% over the past six months compared with 23.2% decline recorded by the industry.
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>