dutchman Posted April 9, 2014 Share Posted April 9, 2014 Wescobrk, can i ask where you see the 1.3% ? Didn't see any filings. Thanks. Link to comment Share on other sites More sharing options...
wescobrk Posted April 9, 2014 Share Posted April 9, 2014 Hi Dutchman, I wasn't able to copy and paste your question. His positions are listed at the bottom of the page, underneath Kevin grants signature. I just thought it was funny, "hey shareholders look at this great idea" then you see it's 1.3 percent. If citi goes up 30 percent his shareholders will see less than a half of one percent move. Link to comment Share on other sites More sharing options...
CorpRaider Posted April 9, 2014 Share Posted April 9, 2014 He's probably still got PTSD from going down with the ship on WAMU. Link to comment Share on other sites More sharing options...
Kraven Posted April 9, 2014 Share Posted April 9, 2014 Hi Dutchman, I wasn't able to copy and paste your question. His positions are listed at the bottom of the page, underneath Kevin grants signature. I just thought it was funny, "hey shareholders look at this great idea" then you see it's 1.3 percent. If citi goes up 30 percent his shareholders will see less than a half of one percent move. Is it difficult to believe that someone might not want a larger position, but still thinks it's a good idea? Link to comment Share on other sites More sharing options...
muscleman Posted April 9, 2014 Share Posted April 9, 2014 I don't understand why Nygren lists Citigroup as attractive and points it out for his shareholders buy only buys 1.3%. Pabrai has a large position in Citi, though I don't know if he has sold any yet. Also David Tepper. Overall I would prefer US focused banks than Citi. It is just too large and every single crisis in the world anywhere hurts it, if you look back at history. Do you know if the liabilities of Citi's worldwide operations are recourse to Citi parent holding co? Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 9, 2014 Share Posted April 9, 2014 Citigroup: Key Issues for Next Week’s Call, How Low Is the Bar Now Set? bernstein researchC_Citigroup_-_Key_Issues_for_Next_Week’s_Call_How_Low_Is_the_Bar_Now_Set_-4-8-14-Bernstein_Research.pdf Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 11, 2014 Share Posted April 11, 2014 Citigroup Faces Inquiry in California Over Failure to Report Suspicious Activity Some Transactions Involved Suspected Drug-Cartel Members http://online.wsj.com/news/articles/SB10001424052702303873604579493991024287918?mod=WSJ_business_IndustryNews_DLW&mg=reno64-wsj Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 13, 2014 Share Posted April 13, 2014 Citigroup Cuts Another 200 to 300 Jobs Also Cut Was Steve Prince, Younger Brother Of Former CEO Charles Prince http://online.wsj.com/news/articles/SB10001424052702303887804579499880710651894?mod=WSJ_hp_LEFTWhatsNewsCollection&mg=reno64-wsj Link to comment Share on other sites More sharing options...
JPerez Posted April 14, 2014 Share Posted April 14, 2014 Q1 Results are out: http://www.citigroup.com/citi/investor/data/qer114.pdf?ieNocache=621 They beat on top and bottom line. The argument that the TBV is overstated because a lot of it is DTAs and their present value is only a percentage of what they are holds up. But at the same time agreeing with the statement above and given that most of the DTAs are not considered as capital for the core tier I in Basel III, it means that they are going to increase their relevant capital levels at a higher pace that their earnings alone are showing since the usage of the DTAs every quarter will show in their capital levels. That would mean that in the future (when they are approved for to return capital to the shareholders) all things equal they should be able to return a higher percentage of their earnings to shareholders than any other big bank. Their capital levels are already very strong. Do most people following citi agree with this view? Link to comment Share on other sites More sharing options...
JPerez Posted April 14, 2014 Share Posted April 14, 2014 To elaborate more on the post above their estimated Total Basel III Tier 1 Common Capital has increased by 6,332 million in the quarter which is over 2 dollars per share(The difference between net earnings and increse in capital looks like more than you would expect in a normal quarter), . This sounds like a lot, they got 500 million extra from the amortization of intanglibles and lower goodwill and i would expect them to get an extra 700millions to a billion in the reduction of the DTAs going forward so that should be add back to the amount of capital that the bank could give back going forward. (limited by the new basel III leverage ratio) Link to comment Share on other sites More sharing options...
wescobrk Posted April 14, 2014 Share Posted April 14, 2014 It continues to earn a more than bac (even after excluding all the settlements charge offs) but even after the rally there is about 30 billion difference than bac. Over the next few years the extra earnings will accrue to the investor from dividends and will mitigate the large market multiple difference from bac. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 14, 2014 Share Posted April 14, 2014 Citigroup: small favours Earnings have beaten expectations, but there are big hurdles to overcome http://www.ft.com/intl/cms/s/3/d648bb16-c3e8-11e3-b2c3-00144feabdc0.html?siteedition=intl#axzz2ysqQDCuL Thank goodness for small favours. Citigroup on Monday reported first quarter revenue and earnings that beat analysts’ expectations. This is a welcome relief for shareholders who have been smarting over some disturbing developments at the bank so far this year. First, there were fraud allegations at the Mexican unit, Banamex. Then Citigroup’s plans to return more capital to shareholders received a costly and embarrassing veto from the Federal Reserve as part of annual stress tests. A small favour, yes, but big hurdles to overcome. Citigroup is benefiting as Citi Holdings, a unit that houses its troubled assets from the crisis, becomes an ever-decreasing drag on profitability. On a pre-tax basis, losses there narrowed by about $1bn from a year ago to $400m as assets shrunk by 23 per cent. Along with other banks, loan loss releases are also underpinning results as credit quality improves. Nonetheless, return on equity remains an unimpressive 7.8 per cent. Trading was a trouble spot for all Wall Street banks last quarter – and Citigroup’s revenue from fixed income markets dropped 18 per cent, excluding an accounting quirk related to value of the bank’s debt. Beyond the financials, Citigroup said it found another alleged fraud at its Mexican business. It is small compared to last time (less than $30m, versus $400m misappropriated in a case related to Oceanografia, a supplier to Pemex), but this revelation does not boost confidence in Citigroup’s ability to control its extensive global operations. The bank stumbled in the stress tests not over its actual capital levels, but inadequacies in its processes for capital planning. That failure means Citigroup will probably miss its return on tangible common equity target of 10 per cent for 2015 because it was contingent on capital return. Shares on Monday popped 4 per cent, but they are lagging behind peers over the past year and remain below Citigroup’s tangible book value. The bank needs to clean up its processes and produce even better profits for the stock to break out. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 15, 2014 Share Posted April 15, 2014 Citigroup CEO Vows to Fix Regulatory Problems as Bank Logs Higher Profit, Beats Estimates Citigroup Chief Michael Corbat Promised to Find an 'Industrial-Strength' Solution to the Regulatory Problems Dogging the Bank http://online.wsj.com/news/articles/SB10001424052702304117904579501141961267098?mg=reno64-wsj Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 17, 2014 Share Posted April 17, 2014 Citigroup Received Mixed Signals On 'Stress Test' The Bank Thought It Had More Time to Fix Problems, but Fed Failed It Anyway http://online.wsj.com/news/articles/SB10001424052702303887804579504230938475574?mod=WSJ_hp_LEFTWhatsNewsCollection&mg=reno64-wsj Link to comment Share on other sites More sharing options...
BargainValueHunter Posted April 22, 2014 Share Posted April 22, 2014 Citi to double within four years... http://www.cnbc.com/id/101603062 Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 22, 2014 Share Posted April 22, 2014 Citi to double within four years... http://www.cnbc.com/id/101603062 From Mike Mayo? wow. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted April 22, 2014 Share Posted April 22, 2014 It's a higher odds bet than the $12 price target he put on BAC. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 25, 2014 Share Posted April 25, 2014 Citigroup, Justice Department Plan Settlement Talks Over Mortgage Securities An Agreement Could Tally in the Billions of Dollars http://online.wsj.com/news/articles/SB10001424052702303834304579523830953812534?mod=WSJ_hp_LEFTTopStories&mg=reno64-wsj Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 14, 2014 Share Posted May 14, 2014 Citi CEO Corbat’s Memo on Latest Fallout from Oceanografia http://blogs.wsj.com/moneybeat/2014/05/14/citi-ceo-corbats-memo-on-latest-fallout-from-oceanografia/?mod=WSJ_Business_LatestHeadlines Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 16, 2014 Share Posted May 16, 2014 How Citi Stumbled in Mexico Bank Fires 11 Employees Amid Alleged Fraud; Missed Warning Signs? http://online.wsj.com/articles/citigroup-fires-more-over-oceanografia-fraud-1400076082?mod=WSJ_hps_sections_management Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 19, 2014 Share Posted May 19, 2014 Border Woes Go Deeper at Citigroup Bank Fired Two Top Executives at Banamex USA Last Year http://online.wsj.com/news/articles/SB10001424052702304422704579569923181295690?mod=WSJ_hp_LEFTWhatsNewsCollection&mg=reno64-wsj Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 29, 2014 Share Posted May 29, 2014 Citi Says Signs of Mexico Fraud Weren't Escalated CEO Corbat Says Bank Will Work on Making Employees More Comfortable With Raising Concerns http://online.wsj.com/articles/citi-says-signs-of-mexico-fraud-werent-escalated-1401373096?mod=WSJ_hp_LEFTWhatsNewsCollection Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 13, 2014 Share Posted June 13, 2014 Finding Value in Large U.S. Banks http://www.oakmark.com/News/News-and-Insights-Placeholder/Finding-Value-in-Large-U.S.-Banks.htm Link to comment Share on other sites More sharing options...
alertmeipp Posted June 17, 2014 Share Posted June 17, 2014 Citi spent 700 millions for HK office building. http://blogs.wsj.com/moneybeat/2014/06/17/citi-agrees-to-record-hong-kong-office-buy/ Link to comment Share on other sites More sharing options...
alertmeipp Posted June 18, 2014 Share Posted June 18, 2014 Citi investors want bank to fight any large DoJ fine http://www.ft.com/intl/cms/s/0/f662ba32-f629-11e3-83d3-00144feabdc0.html Link to comment Share on other sites More sharing options...
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