FT News Briefing Crunch time for Citi
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Jan 9, 2025 European leaders caution Donald Trump against interfering with territorial matters, raising geopolitical tensions. Citigroup faces skepticism over its ability to meet critical long-term goals under CEO Jane Fraser. Indonesia continues its ban on iPhone 16 sales despite Apple's significant investment offer. Meanwhile, China is actively integrating Taiwanese individuals through local ID registrations, raising alarms in Taipei. Additionally, Mexico's president proposes renaming parts of the US to 'Mexican America,' adding a quirky twist to the discussions.
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Citigroup's CEO Under Pressure
- Citigroup CEO Jane Fraser faces pressure to improve the bank's performance.
- Wall Street analysts doubt she'll meet a key profitability target.
Citigroup's Turnaround Challenge
- Citigroup has struggled since 2008 and needs to simplify and become more profitable.
- CEO Jane Fraser's turnaround efforts haven't yielded sufficient financial results yet.
Citigroup's Profitability Target
- Fraser's target is a 12% return on tangible common equity, a key profitability metric.
- Citigroup is currently around 5%, falling short of the expected 10% cost of capital.