Citigroup (NYSE:C) Chief Financial Officer Gonzalo Luchetti announced at an investor conference that the bank anticipates a full-year return on tangible common equity (ROTCE) to exceed the upper limit of its previous 10% to 11% range, driven by strong performance across its markets, banking, and consumer businesses. The bank has experienced approximately 6% year-over-year consumer spending growth and projects revenue growth in markets for the third quarter to rise by mid-single digits year-over-year.
Citigroup’s capital markets are currently robust, with active financing activities across sectors such as technology, shipping, and energy, while auto and consumer sectors are facing margin pressures. The company has repurchased about $10.3 billion of stock in the first half of the year and has plans for an additional $30 billion buyback program. Additionally, Citigroup’s wealth management ROTCE improved significantly, reaching 14.4% in the second quarter, ahead of its near-term target of 15% to 20%.
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