Introduction: Citigroup Inc. (NYSE: C) is a global banking giant undergoing a strategic overhaul under CEO Jane Fraser. Recently, Citi’s board made headlines by granting a one-time $25 million equity award to Fraser – an inducement aimed at retaining her leadership (www.bankingdive.com). The award, comprising restricted stock units and over 1 million stock options vesting over 3–5 years, was justified as ensuring management continuity and recognizing her “extraordinary leadership” (www.bankingdive.com). However, some analysts criticized it as a “double bonus” granted before full performance is proven (www.bankingdive.com). This report dives into Citi’s fundamentals – dividend policy, leverage and debt, coverage ratios, valuation, and key risks – to provide context around such bold incentives. Citi’s stock has long traded at a discount to peers due to past missteps, but improving results suggest a potential turnaround. Below, we examine Citi’s financial profile and the open questions investors face, drawing on authoritative sources.
Dividend Policy & History
Resumption and Growth: Citi slashed its dividend to just $0.01 during the 2008 crisis and kept it minimal for years. After resuming meaningful payouts in the mid-2010s, the bank has slowly grown its dividend. In fact, dividends declared per common share rose from about $1.92 in 2019 to $2.08 in 2023 (theedgeinvestor.com), and continued to increase to $2.18 in 2024 and $2.32 in 2025 (www.sec.gov). For much of 2019–2022 the quarterly dividend was $0.51, before a cautious bump to ~$0.53 in late 2023 (theedgeinvestor.com). By mid-2026 management announced plans for a further ~12% hike in the dividend, reflecting confidence in Citi’s earnings trajectory (ebs.publicnow.com). Citi’s commitment to a steady (if modest) growth in dividends underscores management’s confidence in its capital position.
Dividend Yield: Citi’s dividend yield has fluctuated widely as the stock price moved. When Citi’s share price was depressed amid uncertainty, the yield shot up – around 5% in late 2023 when the stock traded in the mid-$40s (theedgeinvestor.com). As investor sentiment improved and Citi’s stock rebounded, the yield normalized. By mid-2025 the annualized dividend was $2.24, yielding roughly ~2.9% at that time’s higher share price (theedgeinvestor.com). After further stock gains into late 2025, the yield narrowed to about 2.4% on a $2.40 per share dividend (theedgeinvestor.com). This yield is moderate for a large bank – higher than JPMorgan’s ~2% during that period but lower than some regional banks (theedgeinvestor.com). Citi’s payout ratio has remained conservative: even after raising the dividend, common dividends were about 33% of earnings in 2025, down from ~51% in the weaker 2023 year (www.sec.gov). Including buybacks, Citi returned 133% of 2025 earnings to shareholders (using excess capital built up earlier) (www.sec.gov). Going forward, dividend growth will depend on Citi’s annual stress test results and capital requirements, but management has signaled a commitment to steadily increase payouts as earnings rise (subject to regulatory approval).
P
Leverage, Capital & Debt Maturities
Regulatory Capital Ratios: As a bank, Citi’s leverage is best evaluated by its regulatory capital ratios and funding mix. Citi’s Common Equity Tier 1 (CET1) capital ratio stood at 12.8% as of Q2 2026 (ebs.publicnow.com) – comfortably above the ~11.6% minimum required by regulators (including buffers for stress tests and systemic importance) (www.sec.gov). This capital cushion indicates Citi holds substantially more core equity capital than required, providing a buffer against losses. Citi’s Supplementary Leverage Ratio (SLR) – Tier 1 capital relative to total on- and off-balance sheet assets – is about 5.2% (ebs.publicnow.com), exceeding the 5% threshold for “well-capitalized” status for large banks. These metrics reflect a solid capital base; in fact, Citi’s leverage and tangible equity measures compare favorably to many peers, even though its risk-weighted CET1 is on the lower end of big banks (partly because Citi’s balance sheet is large and low-risk-weighted) (www.marketscreener.com). Overall, a strong capital and leverage position means Citi is well equipped to absorb economic shocks.
Funding Profile: Citi’s balance sheet totaled nearly $2.9 trillion in assets as of mid-2026 (ebs.publicnow.com), funded by ~$1.5 trillion in deposits and hundreds of billions in other borrowings. Notably, over half of Citi’s funding comes from customer deposits, which are a relatively stable source (theedgeinvestor.com). Many of these deposits are institutional operating accounts (transactional cash management funds for corporations and governments), and about 79% of total deposits are uninsured wholesale deposits (www.marketscreener.com). This gives Citi a unique depositor base that is largely more rate-sensitive but also stickier in terms of operational needs. The remaining funding comes from wholesale debt and other liabilities. Citi had about $316 billion in long-term debt outstanding at the end of 2025 (www.sec.gov), issued as senior and subordinated bonds to satisfy regulatory Total Loss-Absorbing Capacity (TLAC) requirements. The bank staggers its debt issuances to avoid large refinancing spikes – its maturity schedule is well-distributed with no outsized “cliff” in any single year (theedgeinvestor.com). In other words, Citi faces no near-term solvency crunch from maturing obligations, and it can refinance debt as needed under normal market conditions. Citi’s credit ratings reflect its sturdy capital and funding: for example, Fitch recently affirmed Citi’s senior debt rating at ‘A’ with a positive outlook, citing “progress in strategic execution” and a “lower risk profile”, as well as robust liquidity buffers (www.marketscreener.com) (www.marketscreener.com).
Liquidity and Risk Coverage: Citi maintains ample liquidity to backstop its obligations. At year-end 2025, Citi held over $600 billion in high-quality liquid assets (cash, Treasuries, etc.), which was about 115% of its estimated net outflows under stress (www.marketscreener.com). In total, Citi reported over $1 trillion of available liquidity sources, equivalent to ~70% of its deposit base (www.marketscreener.com) – a very comfortable level. This means Citi could withstand an acute period of deposit withdrawals or funding market disruption by drawing on its liquidity. Such a posture proved reassuring during recent industry turbulence, as Citi did not suffer destabilizing runs. In short, Citi’s leverage and liquidity position is strong, with substantial equity, balanced funding, and a war chest of liquid assets.
Interest and Credit Coverage
Interest Coverage: Traditional interest coverage ratios (e.g. EBIT/interest expense) are less meaningful for banks, since interest expense is a core part of banking operations (the cost of deposits and borrowings). A more relevant metric is net interest income (NII) – the spread between interest earned on loans/investments and interest paid on deposits/debt. Citi’s NII has been rising with higher interest rates: in 2023, net interest income was about $45 billion, up 13% year-over-year as the Fed’s rate hikes boosted lending yields (theedgeinvestor.com). By early 2024, however, NII growth had slowed to ~1% as deposit costs caught up to higher rates (theedgeinvestor.com), indicating that the tailwind from rate increases was leveling off. Importantly, Citi’s interest income still vastly exceeds its interest expense – in 2023, interest expense was roughly $21 billion (implied from disclosures) versus $45 billion of interest income (theedgeinvestor.com). Thus, even if rates fluctuate, Citi generates more than enough net interest revenue to cover the interest it owes on deposits and debts. In a normalized environment, Citi’s earnings before interest and taxes would cover interest expense many times over. There is no concern about Citi meeting its interest obligations; the bank’s core profitability provides a large buffer for funding costs.
Credit Loss Reserves: Another critical coverage metric for a bank is its allowance for credit losses – essentially the reserve set aside to cover bad loans. Citi’s loan portfolio is well cushioned by reserves. As of end-2023, Citi’s allowance for credit losses was about $17.2 billion (excluding unused commitment reserves), which was approximately 568% of its non-accrual (non-performing) loans (theedgeinvestor.com). In other words, Citi had reserved over 5.6 times the amount of loans currently deemed non-performing – a very conservative coverage ratio. This reserve coverage, while down from an even higher 696% a year earlier as some pandemic-era reserves were released, is robust and provides confidence that Citi can absorb a moderate uptick in loan defaults (theedgeinvestor.com). Actual credit quality metrics remain solid: net charge-offs were about 1.3% of average loans in 2025 (a normalization from ~1.0% in prior years) (www.marketscreener.com), and non-performing loans have hovered near 1.0% of total loans – a manageable level (www.marketscreener.com). Citi did build provisions ($9.2 billion in 2023 vs $5.2 billion in 2022) to brace for credit normalization (theedgeinvestor.com), especially in areas like unsecured consumer lending. But overall, Citi’s loan loss reserves are hefty relative to current problem loans, giving it a significant cushion. This should reassure investors that even if economic conditions worsen modestly, Citi is prepared to absorb higher credit costs. Both the strong interest coverage and reserve coverage underscore Citi’s financial resilience – the bank generates sufficient income to pay its obligations and has set aside ample buffers for potential loan losses. The key challenge for Citi is less about survival and more about boosting profitability (return on equity), which ties into its valuation.
Valuation and Peer Comparison
Discount to Book Value: Citi’s stock has long been a value play, trading at a discount to peers on key metrics. A notable benchmark is Citi’s tangible book value per share (TBV) – essentially the net asset value attributable to common shareholders. For years, investors valued Citi below this book value, reflecting skepticism about its true earning power. As of early 2025, for example, Citi’s TBV was about $86 per share, while its stock traded in the low $70s – roughly 0.8× price-to-tangible book (theedgeinvestor.com). Even accounting for a higher stated book value (~$98.70 including intangibles), Citi stock was well below “par” value of its assets (theedgeinvestor.com). In contrast, most large U.S. banks command a premium to book: JPMorgan Chase, which enjoys superior profitability, often trades around 1.5–2.0× TBV, and the big-bank median is near 1.4× TBV (theedgeinvestor.com). Citi’s deep discount has been an outlier, signaling the market’s concerns about its below-par return on equity and past stumbles.
Profitability Gap: The root of Citi’s undervaluation has been its relatively weak profitability metrics. Over the past decade, Citi’s return on equity (ROE) averaged only around 6–7%, vs. double-digit ROEs for peers (www.marketscreener.com). In 2022–2023, Citi’s return on tangible common equity (RoTCE) was in the high single digits (~8%), whereas leading banks like JPMorgan delivered ~17%+ ROTCE (theedgeinvestor.com). Analysts often cite that a ~10% ROTCE is roughly the minimum for a bank to trade at book value (theedgeinvestor.com) – and Citi was not consistently hitting that threshold. This “profitability gap” explains why Citi traded at a steep discount. The market was essentially pricing Citi as if each dollar of its net assets was worth only ~$0.80 in the market, due to fears that those assets would not generate adequate returns.
Recent Rebound: There are signs this narrative is changing. Citi’s multi-year transformation (divesting non-core businesses, investing in technology and risk controls, and refocusing on higher-return segments) is aimed at boosting ROE. By 2025, Citi’s earnings started to improve, and the stock began to rally. In the first quarter of 2026, Citi posted an ROE of 11.5% – its most profitable quarter in years (www.marketscreener.com). For the full year 2025, Citi’s net income was $14.8 billion (excluding certain one-offs), up about 13%, and management set a target for 10–11% RoTCE in 2026 (www.marketscreener.com). Investors have taken notice. Citi’s share price climbed over the course of 2024–2025, and by late 2025 the stock actually traded above its tangible book value for the first time in many years (theedgeinvestor.com). As of mid-2026, with tangible book around $100–101 per share (ebs.publicnow.com) (ebs.publicnow.com), Citi’s stock has been trading roughly in the low-to-mid $100s – i.e. at or slightly above book value (a notable rerating from the prior 0.5×–0.8× range). Despite this upswing, Citi still looks reasonably valued relative to peers: the stock’s P/E ratio remains in the single digits (around 9–10× forward earnings), which is lower than peer megabanks that often trade for 12–13× earnings. In absolute terms, Citi’s market capitalization (~$180 billion in mid-2026) is just about 0.8× its $220+ billion of common equity, leaving room for upside if returns improve further (www.sec.gov) (theedgeinvestor.com). In summary, Citi’s valuation is improving but still lags peers, essentially pricing in some continued caution. If Citi can sustainably lift its ROE into the low-teens (closing the gap with rivals), there is potential for a more substantial re-rating upward.
Risks and Red Flags
While Citi’s recent performance has improved and its valuation is appealing, investors must weigh several risk factors and potential red flags:
– Regulatory & Compliance Risk: Citi remains under heightened regulatory scrutiny due to past deficiencies in risk management and internal controls. In 2020, the Federal Reserve and OCC hit Citi with consent orders (and a $400 million fine) for “long-standing” failures to fix its risk systems (www.axios.com) – famously illustrated by an accidental $900 million payment that Citi made in error that year. Progress on required fixes has been slower than hoped. As of early 2024, Citi had reportedly completed only ~53% of the milestones required by regulators, frustrating officials who expected faster remediation (theedgeinvestor.com). In late 2023, the OCC even fined Citi an additional ~$136 million for not addressing certain data and compliance issues quickly enough (theedgeinvestor.com). Citi has responded by pouring resources into its transformation program – spending over $12 billion since 2022 on risk controls, technology upgrades, and thousands of new staff (www.marketscreener.com). By the end of 2025 this effort was ~90% complete and some regulatory criticism began to ease (www.marketscreener.com) (the OCC lifted an early-2024 deadline order after progress improved). Yet, the consent orders remain in place, and regulators’ patience is limited. Until Citi fully satisfies the Fed and OCC, it must operate under extra oversight and hold extra capital buffers, which constrains growth. In a worst-case scenario, if Citi backslides, regulators could impose harsher penalties (e.g. asset growth caps, similar to what Wells Fargo faced). This compliance overhang is a key risk: it drags on expenses and limits strategic flexibility until resolved. Citi cannot afford further missteps in its risk controls – getting out from under regulators’ shadow is crucial for its turnaround.
– Operational Control & Reputational Risk: Beyond formal compliance issues, Citi’s sprawling operations have shown susceptibility to operational errors and lapses. A striking recent example occurred in April 2024, when a routine system operation nearly resulted in an erroneous $81 trillion credit to a client account – a jaw-dropping blunder that was quickly caught and reversed (theedgeinvestor.com). Although no financial loss occurred, the incident was a jarring reminder of Citi’s complexity and remaining control weaknesses. In another case, an external IT contractor defrauded Citi of $22.9 million by exploiting payables systems, leading management to overhaul its vendor risk management (theedgeinvestor.com). These episodes, while not crippling financially, underscore the reputation and trust risk Citi faces if it cannot eliminate such glitches. Operational surprises can erode client and investor confidence and potentially invite regulatory action or litigation. (For instance, the 2020 $900 million mistake led to court battles with creditors.) CEO Jane Fraser’s strategy to streamline the bank – cutting management layers and exiting 14 overseas consumer markets – is partly aimed at reducing operational complexity (www.bankingdive.com). Still, it will take time to instill a culture of flawless execution. As Reuters Breakingviews has noted, Citi’s compliance overhaul has been “sluggish” and operational slip-ups are “continuing to plague the bank,” indicating this risk is ongoing (theedgeinvestor.com). Investors should monitor Citi’s ability to tighten controls and avoid embarrassing errors, as execution risk remains until the bank proves it can operate with much stronger internal discipline.
– Credit & Macroeconomic Risk: As a global lender, Citi is sensitive to the credit cycle and economic shocks. A serious economic downturn (in the U.S. or globally) could strain Citi more than some peers. In the Fed’s 2023 stress tests, Citi’s projected capital erosion under the severe scenario was among the largest of the big banks (theedgeinvestor.com) – reflecting Citi’s exposure mix. Citi has significant concentrations in areas like credit cards (about 22% of loans) and emerging-market corporate loans (www.marketscreener.com), which tend to incur outsized losses in a recession. Indeed, in late 2023 Citi proactively built $1.3 billion of reserves for potential losses on its exposures in Russia and Argentina (theedgeinvestor.com) – highlighting how geopolitical and sovereign risks can hit its earnings. Citi is working to pare back riskier overseas operations (it is selling its Mexican consumer bank “Banamex,” for example (www.bankingdive.com), and has exited consumer banking in 13 other countries). These moves should eventually reduce its international risk footprint. However, Citi will always have a broad global presence through institutional banking, and that brings vulnerability to geopolitical or country-specific crises. Domestically, Citi’s large credit card and personal lending portfolio could also suffer if U.S. unemployment rises sharply – credit card losses typically spike in recessions. Citi’s credit costs are already “normalizing” upward: provisions for credit losses jumped to $9.2 billion in 2023 (from $5.2 billion in 2022) to bolster reserves (theedgeinvestor.com), even though current charge-off rates remain low. While current asset quality is strong (net write-offs are modest, and reserve coverage is high), a severe recession would undoubtedly hurt Citi’s earnings and capital. This macro risk is largely out of Citi’s control – investors should be aware that Citi’s turnaround thesis assumes no calamitous downturn in the near term. Close attention to credit metrics (delinquency trends, reserve adequacy) is warranted, especially given Citi’s exposure to consumer credit and emerging markets.
– Interest Rate & Margin Risk: The interest rate environment presents a double-edged sword for Citi. The bank enjoyed a substantial earnings boost in 2022–2023 as the Federal Reserve’s rapid rate hikes lifted Citi’s net interest margin – effectively, Citi earned more on loans and securities while the cost of its deposits lagged initially (theedgeinvestor.com). However, that tailwind is now fading. By Q1 2024, Citi’s net interest income had plateaued as deposit interest rates caught up to higher market rates (theedgeinvestor.com). Going forward, if interest rates decline (as the market anticipates in late 2024–2025) or if yield curves flatten, banks could see margin compression – loan yields would fall, but banks might not be able to lower deposit rates as quickly from their now-elevated levels. Citi, with its heavy mix of institutional deposits, already faces somewhat higher funding costs than retail-focused banks (www.marketscreener.com). A decline in rates could shrink Citi’s net interest income, removing a key earnings driver of the past two years. Conversely, if inflation keeps rates higher for longer, Citi could benefit from continued high lending margins – but that might come with higher credit losses. In short, interest rate volatility creates uncertainty for Citi’s earnings. The recent boost from rates is likely to abate; the question is whether other revenue sources can pick up the slack. Investors should watch Citi’s net interest margin and deposit pricing closely. Citi’s asset-liability management will be tested in a changing rate cycle, and banking-sector competition for deposits remains intense (which could pressure Citi’s interest spreads). This interest rate risk means Citi’s earnings could be choppier than expected if the rate outlook shifts.
– Executive Compensation & Governance: Citi’s generous incentives to top management have drawn some criticism and are something of a red flag for shareholders focused on pay-for-performance alignment. The clearest example is the one-time inducement grant to CEO Jane Fraser in 2025: Citi’s board awarded Fraser ~$25 million in equity (restricted shares and options) that vest over upcoming years (www.bankingdive.com). The board explicitly stated this was to “ensure management continuity” and to reward Fraser’s leadership in executing Citi’s transformation (www.bankingdive.com). While retaining strong leadership is important, the timing and size of this award raised eyebrows on Wall Street. Prominent bank analyst Mike Mayo argued that this kind of retention bonus “continues a long tradition of paying in excess – or in this case at least before – proper performance”, effectively calling it a “double bonus” on top of Fraser’s regular annual incentive pay (www.bankingdive.com). Such critiques highlight the governance risk around Citi’s compensation: investors want to see that lavish executive payouts are justified by tangible improvements in shareholder value. If Citi’s turnaround falters or targets are missed, big upfront awards could be viewed as unwarranted. To Citi’s credit, the board also took governance action by cutting executives’ bonuses in 2020–2021 when risk management lapses came to light (theedgeinvestor.com), showing some accountability. Nonetheless, shareholders will be watching execution versus compensation closely. The optics of large inducement grants before full performance is proven remain a concern. Citi’s leadership needs to deliver results to validate the board’s confidence – otherwise, governance practices could be questioned by activists or investors in the future.
Open Questions & Outlook
Despite the risks noted above, Citi’s improving trajectory raises several pivotal open questions for investors and analysts going forward:
– Can Citi close the profitability gap with peers? In other words, will Citi reach a sustainable return on tangible equity above ~11% (management’s 2026 goal) and then continue toward peer-bank levels (~15%+)? This is arguably the crux of unlocking value. Citi’s stock still trades at a discount largely because investors doubt its earnings power. Improving ROE is key – as analysts note, ~10% RoTCE only just earns a bank a book-value valuation (theedgeinvestor.com), whereas banks like JPMorgan with ~17% ROTCE command a premium. Citi showed progress with ~11.5% ROE in early 2026 (www.marketscreener.com), but it remains to be seen if Citi can sustain and build on this. Achieving, and surpassing, that low-teens ROE would likely drive a significant re-rating of Citi’s stock. This open question will be answered by Citi’s execution on revenue growth and expense control in coming quarters. If Fraser and her team can keep boosting operating leverage (revenues up, costs controlled) as they have started to, Citi could finally shed its perennial “underperfomer” label.
– Will regulators lift Citi’s remaining consent orders – and when? Citi’s full potential is partly tied to regulatory clearance. The ongoing Fed/OCC consent orders not only keep pressure on expenses (due to required investments) but also effectively force Citi to hold extra capital (via a higher Stress Capital Buffer) until the issues are fixed (www.sec.gov) (www.marketscreener.com). Citi has made major strides in its remediation program (reporting ~90% completion by end-2025 (www.marketscreener.com)), but the final sign-off could be a year or more away. An open question is how soon Citi can satisfy regulators sufficiently to get these orders terminated. Once that happens, Citi could potentially operate with a lower capital buffer. In particular, investors wonder if upcoming Fed stress tests might reduce Citi’s required capital Stress Capital Buffer (SCB) (currently about 3.6%) (www.sec.gov). A lower SCB (for example, if Citi’s risk profile in the test improves) would free up billions in capital that Citi could return to shareholders. When and whether this relief comes will influence Citi’s pace of buybacks and dividend growth. Until then, Citi is essentially running with “excess” capital – a conservative stance that is prudent, but suboptimal for returns. The timeline for regulatory green light is an important watch item.
– How aggressively will Citi execute its \$30 billion buyback plan? In mid-2026, Citi announced a massive $30 billion share repurchase authorization (ebs.publicnow.com) – roughly 16% of its market cap. This reflects confidence in its capital position post-stress tests. The open question is how quickly Citi will utilize this buyback capacity. If Citi repurchases shares swiftly (say, over the next 12–18 months), it could meaningfully boost earnings per share and shareholder value – especially given the stock still trades below many estimates of intrinsic value. Accelerated buybacks would also shrink Citi’s share count, helping lift ROE (fewer shares against the same earnings). On the other hand, management might deploy the buyback more gradually, either to preserve capital in case of a downturn or to wait for better stock price levels. There is also the possibility that regulators could informally cap the pace of buybacks if they want Citi to maintain extra capital until all remediation is done. Investors will be listening for management’s guidance on the buyback timing. The commitment is there – but external factors (economic conditions, regulatory stance) could influence execution. How Citi balances capital return with capital safety is a key open question.
– Are Citi’s recent revenue gains sustainable or merely cyclical? Citi’s latest results have been strong – perhaps surprisingly so. In Q2 2026, Citi posted its best quarterly revenue in a decade (ebs.publicnow.com), with double-digit growth across institutional businesses. Its Treasury & Trade Solutions (transaction banking) segment delivered record revenue and a spectacular 30%+ return on capital (ebs.publicnow.com), fueled by high interest rates and robust client activity. Trading also had standout performances (e.g. FX and spread products were very strong) (ebs.publicnow.com). The concern is that some of these gains may be driven by temporary factors – e.g. the unusually high interest rate environment boosting deposit spreads in transaction banking, or market volatility juicing trading income. An open question is whether Citi can maintain this momentum as conditions normalize. If interest rates decline, will the institutional revenues fall back? Were the recent market share gains in areas like fixed-income trading structural (due to franchise strength) or just a cyclical windfall? Similarly, Citi’s growing wealth management revenues (up 9 straight quarters) are promising, but Citi is still a smaller player in wealth compared to giants like Morgan Stanley or UBS (theedgeinvestor.com). Can Citi’s investments to expand wealth management and other fee businesses pay off to create new steady income streams? Essentially, is Citi’s growth trajectory durable? This question will determine if Citi’s earnings upswing has legs. Many analysts are cautiously optimistic but await more data – the next few quarters will reveal if Citi can keep revenues growing even as macro tailwinds (rates, market activity) moderate.
Looking ahead, Citigroup’s investment thesis hinges on management’s ability to deliver on transformation amid a complex environment. The inducement grants and rewards given to Citi’s leaders signal confidence and are meant to lock in the team that is executing the turnaround. Now, the onus is on that team to answer the open questions – by improving profits without major setbacks, satisfying regulators, and proving the bank can thrive with a simplified, well-controlled franchise. Thus far, CEO Jane Fraser’s tone is optimistic; she’s described the 10–11% ROTCE target as “a waypoint, not a destination,” implying aspirations beyond it (theedgeinvestor.com). If Citi can continue on its current path – growing revenue, cutting complexity, and staying vigilant on risk – it may finally shed its history of underperformance. In that scenario, today’s valuations would appear decidedly cheap. However, if Citi stumbles on any of the above fronts, investors could lose patience once again. C: Citigroup’s story in the coming year will be one of execution – and whether the bold bets on its leadership pay off.
For informational purposes only; not investment advice.