Tag Archives: Citi

DAVOS, Switzerland — Citi employees working remotely better be cranking on those spreadsheets, because CEO Jane Fraser is assessing the productivity data she is being provided. “You can see how productive someone is or isn’t, and if they’re not being productive, we bring them back to the office, or back to the site, and we give them the coaching they need until they bring the productivity back up again,” Fraser reportedly said at a Bloomberg event this week at the World Economic Forum…. Source link

The global economic outlook for 2023 is murky at best, economists at Citi warn. “As we survey the prospects for the global economy, we see many reasons for concern, including continued challenges from the pandemic and the Russia-Ukraine war, high inflation, and headwinds from central bank rate hikes,” Citi chief economist Nathan Sheets wrote in a client note Wednesday. “Reflecting these factors, the global economy is likely to endure ‘rolling’ country-level recessions during the coming… Source link

(Reuters) – Credit Suisse and Citigroup became the latest brokerages to bring down their 2022 year-end targets for the S&P 500 index, as U.S. equity markets bear the heat of aggressive central bank actions to tamp down inflation. Credit Suisse cut its target for the benchmark index by about 10% to 3,850 points on Monday, citing the impact of rising interest rates and slowing economic growth on third-quarter earnings. Citigroup trimmed its year-end target by a more modest 4% to 4,000. The S&P… Source link

Citi doesn’t like what it sees ahead of Zoom’s Aug. 22 earnings report. The investment bank’s tech analyst Tyler Radke slashed his rating on Zoom stock to Sell from Neutral on Tuesday, adding the stock is “high risk.” The analyst sees the video-conferencing outfit’s shares falling about 20% from current price levels. “Zoom’s post-COVID growth trajectory has always been more challenging, given pull-forward dynamics, but we see new hurdles to sustaining growth including rising competition… Source link

U.S. stocks rallied Friday to cap a four-day losing streak on Wall Street. Sentiment was buoyed by better-than-expected retail sales data and a surprise earnings beat from Citigroup (C). The S&P 500 surged 1.9%, while the Dow Jones Industrial Average added 657 points, or roughly 2.2%. The tech-heavy Nasdaq climbed 1.8%. Blowout second-quarter results from Citi lifted shares of banking industry peers to post the best intraday rally for the sector since May, according to Bloomberg data. The mega… Source link

The shock of the war in Ukraine and China’s zero-COVID policy continues to signal that the pandemic supply chain woes are far from being done. “We have a huge supply shock with what’s going on with the war,” Citi Global Head of Public Sector Group Julie Monaco told Yahoo Finance (video above) at the 2022 World Economic Forum (WEF) in Davos, Switzerland. “So that exasperated things. … We have to remind people all the time: This pandemic is not over. Certainly in China, it’s very disruptive… Source link

(Bloomberg) — Citigroup Inc. strategists cut their recommendation on US stocks to neutral on the risk of a recession, joining an increasing number of banks in warning of a growth slowdown. Most Read from Bloomberg The market is showing “elements of a deflating bubble” with high uncertainty and the lack of reassurance from the Federal Reserve, strategists including Dirk Willer wrote in a May 27 note. “Given that it will likely take time for the Fed to react to equity and growth weakness,… Source link

Lately, the prospect of an economic slowdown has struck fear into traders and economists alike. This month, The World Bank slashed its projection for global economic growth. The Dow (^DJI) fell 810 points, or 2.4%, on Tuesday in part over concerns of a downturn. And Deutsche Bank raised the possibility of a “major recession” as result of Federal Reserve rate hikes and asset tapering in a recent note. In a new interview, Wall Street veteran and investing guru Sallie Krawcheck took those fears… Source link

(Bloomberg) — Alphabet Inc. and Facebook Inc. tumbled on Monday, leading a broad move lower in internet stocks after Citigroup Inc. warned about the outlook for digital advertising, a key source of revenue for the sector. The firm downgraded both names to neutral from buy, writing that “caution is in order” for companies that derive revenue from digital advertising. While ad budgets are expected to continue shifting online, growth is likely to decelerate, and “historically, that… Source link

The New York Times Sexual Harassment Claims Against Cuomo: What We Know So Far Gov. Andrew M. Cuomo of New York is confronting one of the most tumultuous moments of his three terms in office after two women who once worked for his administration accused him of sexually harassing them. Under immense public and political pressure, the governor’s office asked the state attorney general to appoint someone to conduct an outside investigation into the sexual harassment claims against Cuomo, a… Source link