Skip to main content

Today Trading Idea on Citigroup Inc – 25 November 2021

 

Citigroup to split Institutional Clients Group’s ops, tech units

Citigroup Inc (NYSE:C) is trading down 1.16% at 67.28

Citigroup Inc (NYSE:C) is planning to split the operations and technology functions of its unit, Institutional Clients Group, which contributed about 63% of the Wall Street bank’s total third-quarter revenue.

The reorganization plan for the unit that houses banking, markets, securities services among others was shared by the bank in an internal memo by unit Chief Executive Paco Ybarra on Wednesday. A Citi spokesperson confirmed the content in the memo when contacted by Reuters.

The operations and technology teams “will continue to work closely with our businesses to develop innovative solutions that make it simpler for our clients to work with us,” Ybarra said in the memo.

Stuart Riley, who currently heads the operations and technology units at ICG, will now only manage the technology team. Allison Szmulewicz, who was leading the unit’s Latin American operations and technology functions, will now serve as the interim operations chief.

On technical fronts Citigroup Inc (NYSE:C) RSI stood at 36.90 and currently stock is trading below 10 and 20 days MA & above 5 days MA. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : Citigroup Inc (NYSE:C) – SELL: 67.37, TARGET: 66.87, STOP LOSS : 68.17

Read More Trade Ideas

Labels:

Comments

Post a Comment

Popular posts from this blog

Wall Street Opens Lower on Virus Surge, Stimulus Impasse; Dow Down 325 Pts | Market News

  Market News – U.S. stock markets opened weakly on Monday, on fears that a third wave of the coronavirus pandemic will push back the day when economic life can get back to normal. Failure by politicians in Washington to make any progress in passing a support package to bridge the gap until that day has also weighed on sentiment. By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 326 points, or 1.1%, at 28,010 points. The S&P 500 index was down 0.9% and the Nasdaq Composite was down 0.4%. All three indexes have now been trending downward for the last two weeks. The U.S. is clearly experiencing a third wave of the pandemic with just a week to go before the election. Hospitalization rates have risen by around half over the last month to their highest since August, while the seven-day moving average for deaths has been trending up for nearly two weeks. Whether the economy has adapted enough in the last six months to ride out the new wave seems open to question, wi...
1 comment
Read more

AMAZON, NIKE RISES IN PREMARKET; SHOPIFY AND STITCH FIX FALL | TODAY NEWS

  Amazon, Nike Rises In Premarket; Shopify and Stitch Fix Fall Nike stock soared 12% after the sports footwear retailer reported very strong numbers in the first quarter after the close Tuesday. Flat sales after a drop of 38% were particularly impressive, with the brand’s digital sales surging 82%, although margins were flattered by a lack of spending on marketing around major sports events. Deutsche Bank has upgraded its investment stance to buy as a result. Tesla stock fell 5.5% as announcements at the electric car maker’s “Battery Day” of new, more powerful batteries, and the potential of a $25,000, fully-autonomous car “in about three years time” failed to impress investors. Shopify stock fell 1.1% after the e-commerce giant announced that two “rogue members” of its support team engaged in a scheme to illegitimately obtain customer transactional records. Stitch Fix stock slumped 15% after the online personal styling service reported steep losses for the fiscal fourth quart...
1 comment
Read more