Citigroup Inc. - C STOCK NEWS

Citi has exclusively engaged women-owned firms as senior co-managers for a $2.25 billion bond issuance, commemorating Women’s History Month. This marks the sixth consecutive year that Citi has prioritized women-owned firms in bond syndication. Notably, all USD bond offerings since 2015 have incorporated minority, woman, or veteran-owned broker-dealers. The transaction, which priced on March 10, consists of 4-year fixed-to-floating rate notes linked to the Secured Overnight Financing Rate (SOFR) and received positive investor reception despite market challenges.

Citi released a report examining the ongoing transformation of the art industry, particularly influenced by NFTs. The report highlights a surge in NFT sales, reaching nearly $25 billion in 2021 and $7.4 billion in January 2022. Art sales have significantly increased, with $2.3 billion sold at November 2021 auctions alone. The Masterworks.io All Art Index reported a 28.2% return from January 2020 to June 2021. It also notes trends towards recognizing diverse artists and the impact of regulatory measures aimed at preventing fraud in the art market.

Citi has launched an innovative cash management solution through IntraFi's Yankee Sweep, enabling institutional clients to sweep deposits into demand deposit accounts at participating U.S. branches of foreign banks. This solution enhances deposit diversification and offers competitive yields, promoting better liquidity management.

Key benefits include competitive yields, diversification, operational efficiencies, daily liquidity, and capital preservation. Citi aims to expand this service in 2022 to enhance client utility further.

Citi Commercial Bank (CCB) plans to hire 900 employees, including over 400 commercial bankers over the next three years to enhance growth in North America, Asia, and Latin America, along with entering parts of Europe. The bank aims to meet the evolving needs of mid-sized companies with annual revenues between $10 million and $3 billion. This expansion will be fueled by a sophisticated digital portal and the hiring of industry experts to provide tailored banking solutions as CCB strengthens its services and connectivity across institutional offerings.

Citi has announced that its Investor Day will be held virtually on March 2, 2022, starting at 9am ET. This decision comes after two presenters tested positive for COVID-19, prioritizing health and safety. CEO Jane Fraser expressed commitment to presenting the company's strategy and progress despite the change. The detailed agenda will be released on March 1, with access to the webcast and materials available at www.citigroup.com/citi/investor on the event day.

Citi has announced plans to eliminate overdraft fees, returned item fees, and overdraft protection fees by this Summer, setting a precedent as the only top five U.S. bank to implement such changes. This decision emphasizes Citi's commitment to financial inclusion, particularly for underserved communities. Historically, Citi has maintained lower overdraft revenues compared to competitors. The initiative is part of Citi's broader efforts to enhance consumer-friendly banking practices and support economic progress in underbanked populations.

Citigroup Inc. announces full redemption of £99.9 million of its 6.829% Fixed Rate/Floating Rate Enhanced TruPS® issued by Citigroup Capital XVIII, effective March 28, 2022. Holders will receive £1,000 per security plus approximately £2.77 in unpaid distributions. This move aligns with Citigroup's liability management strategy to enhance its funding and capital structure efficiency. The redemption also involves a concurrent action on junior subordinated debt securities. The Bank of New York Mellon acts as the paying agent.

Citi has been recognized as the Best Global Bank for Cash Management and Liquidity Management by Global Finance, alongside its Virtual Accounts solution being named the Best Global Virtual Accounts solution. The awards reflect Citi's digital solutions addressing cash management and liquidity needs amidst global challenges. Additionally, Citi garnered regional awards across Asia Pacific, Latin America, North America, and Western Europe, showcasing its strong performance in payments and collections, cash management, and liquidity management.