Upcoming Dividend • Apr 27
Upcoming dividend of US$0.60 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.8%). 공시 • Apr 24
Citi Wealth Unveils "Citi Sky" - An AI-Powered Member of the Citi Wealth Team, Built Using Google Cloud and Google DeepMind Technologies Citi Wealth unveiled Citi Sky, an always-on AI-powered member of the Citi Wealth team that was built using technology from Google Cloud and Google DeepMind. Citi Sky is aimed at reshaping how clients in the U.S. access market insights, act on opportunities, and engage with their financial advisors. It will be made available to Citigold clients beginning this summer in a phased roll-out in the U.S. Citi Sky was developed using the Gemini Enterprise Agent Platform and will be integrated over time into Citi Wealth platforms in the U.S. to work alongside financial advisors in helping clients make confident financial decisions. Among key capabilities at launch: delivering timely guidance for clients, including prompts for bank certificate of deposit (CD) maturity events and the provision of market insights from Citi Wealth's Chief Investment Office; enabling natural and dynamic engagement by leveraging Google DeepMind's latest real-time avatar technology and Gemini's live audio and video models; launching in English and Spanish, Citi Sky is designed to scale to additional languages over time. The development of Citi Sky involved Google's full AI stack, from Cloud infrastructure to Google DeepMind. This included using Gemini models on Gemini Enterprise Agent Platform, a unified environment for building, scaling, governing and optimizing enterprise-grade agents. To power the Citi Sky virtual persona and multimodal capabilities, Citi collaborated closely with Google DeepMind's Applied team and Google Cloud Forward Deployed AI Engineers, using Google DeepMind's real-time avatar technology and Gemini's Live API to enable seamless, low-latency audio and video conversations. Interactions are being built on a secure, grounded data foundation and designed to be in compliance with regulatory standards. Citi Wealth and Google will continue to partner in expanding the capabilities of Citi Sky to support colleague and client needs and ensure best-in-class service. The technology builds upon Citi and Google Cloud's multi-year strategic partnership to support the bank's digital strategy, expanding the use of Google's AI technologies from Citi's internal operations to how Citi Wealth clients manage, grow, and protect their wealth. Recent Insider Transactions • Apr 20
Insider recently sold €2.8m worth of stock On the 15th of April, Edward Skyler sold around 25k shares on-market at roughly €111 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.3m. Insiders have been net sellers, collectively disposing of €20m more than they bought in the last 12 months. Reported Earnings • Apr 15
First quarter 2026 earnings released: EPS: US$3.31 (vs US$2.00 in 1Q 2025) First quarter 2026 results: EPS: US$3.31 (up from US$2.00 in 1Q 2025). Revenue: US$22.1b (up 17% from 1Q 2025). Net income: US$5.79b (up 54% from 1Q 2025). Profit margin: 26% (up from 20% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 09
Fourth quarter dividend of US$0.60 announced Shareholders will receive a dividend of US$0.60. Ex-date: 4th May 2026 Payment date: 22nd May 2026 Dividend yield will be 2.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (33% payout ratio) and is expected to be well covered in 3 years' time (23% forecast payout ratio). The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Apr 04
Citigroup Inc., Annual General Meeting, May 20, 2026 Citigroup Inc., Annual General Meeting, May 20, 2026. 공시 • Apr 03
Citigroup, Inc Announces Appointment of Anders Svensson as Managing Director and Head of Natural Resources Group Citigroup Inc. has appointed Anders Svensson, a former Morgan Stanley managing director, to lead Australasian Natural Resources Coverage as managing director and head of the company's natural resources group. He will work within the Australia and New Zealand capital markets and advisory team. Svensson has more than two decades of experience across the sector. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: US$7.11 (vs US$6.03 in FY 2024) Full year 2025 results: EPS: US$7.11 (up from US$6.03 in FY 2024). Revenue: US$75.7b (up 6.7% from FY 2024). Net income: US$13.0b (up 14% from FY 2024). Profit margin: 17% (in line with FY 2024). Net interest margin (NIM): 2.47% (up from 2.40% in FY 2024). Cost-to-income ratio: 64.7% (down from 66.4% in FY 2024). Non-performing loans: 0.48% (up from 0.39% in FY 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 20
Insider recently sold €6.3m worth of stock On the 13th of February, Ernesto Cantu sold around 67k shares on-market at roughly €93.62 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €15m more than they bought in the last 12 months. 공시 • Feb 05
Citigroup Inc. Appoints Kriss Pachauri as Director, Global Asset Managers, Australia and New Zealand Citigroup Inc. has announced a new hire for Australia and New Zealand. The US-based banking firm has announced the hire of Kriss Pachauri as director, global asset managers, Australia and New Zealand. Pachauri was previously a director at the investment bank Houlihan Lokey. 공시 • Feb 04
Citigroup Inc. Appoints Behzad Merchant as Business Execution Lead Citigroup Inc. appointed Behzad Merchant as business execution lead for India with additional oversight for Bangladesh & Sri Lanka. Merchant will be responsible for driving strategic, business-critical and regulatory initiatives and programs across India, strengthening and streamlining governance. 공시 • Jan 29
Citigroup Inc. Announces Executive Changes Citigroup Inc. announced a series of leadership changes to its corporate banking business. It announced that Jason Rekate and John Chirico are to become global chairs of corporate banking and investment banking, respectively. Marcelo Marangon and Kaleem Rizvi have been appointed as co-heads of corporate banking. Marangon, currently chief country officer for Brazil, is relocating to New York for his role. Rizvi transitions form his head of corporate banking for JANA (Japan, Asia North, Australia) role and relocate from Hong Kong to London. 공시 • Jan 16
Citi Announces Management Changes Citi has appointed Per-Henrik Lewander as its new Nordic head and country head for Sweden. He succeeds Erik Savola, who was promoted in August to the bank's head of Corporate Banking for all of Europe. Most recently, Per-Henrik Lewander was Chairman of the Global Financial Institutions Group & Fintech within Citi, where he led a team of over 400 bankers in more than 60 countries and was responsible for approximately 3,000 clients in 180 countries. 공시 • Jan 15
Citigroup Inc Announces Appointments of Jessica Rowe as Director Citigroup Inc. has announced that it has expanded its syndication team in Australia. The firm has announced two new appointments. It has appointed Jessica Rowe as director, spread products syndication, Australia and APAC. Similarly, the firm has also appointed Dane Harris as vice president in the A$ debt syndicate team. 공시 • Jan 13
Citigroup Inc. Declares Quarterly Common Stock Dividend, Payable on February 27, 2026 The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.60 per share, payable on February 27, 2026, to stockholders of record on February 2, 2026. 공시 • Jan 07
Citigroup Inc Announces Appointment of Alexander Wong as Managing Director in Investment Banking Citigroup Inc. has announced the hire of Alexander Wong as a managing director in its investment banking business. The appointment is intended to strengthen the firm's senior client coverage functions across the Asia-Pacific (APAC) region. Wong joins from Credit Suisse where he was a managing director. 공시 • Dec 20
Citigroup, Inc. Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand Citigroup Inc. announced that it has appointed Ryan Ellis as head of markets sales for Australia and New Zealand. The appointment is effective immediately. In the role, Ellis will lead the integration and execution of the bank's sales strategy across financial institutions and corporate clients. He joined Citi in 202 and has two decades of experience in financial markets. 공시 • Dec 16
Fernando Chico Pardo and family completed the acquisition of 25% stake in Grupo Financiero Citibanamex, S. A. de C. V. from Citigroup Inc. (NYSE:C). Fernando Chico Pardo and family agreed to acquire 25% stake in Grupo Financiero Citibanamex, S. A. de C. V. from Citigroup Inc. (NYSE:C) for MXN 42 billion ($2.3 billion) on September 24, 2025. As part of acquisition, a cash consideration of MXN 42 billion will be paid for 520 million shares in Grupo Financiero Citibanamex, S. A. de C. V.
Upon closing, Fernando Chico Pardo will be appointed as Chair of Grupo Financiero Banamex. Ignacio (Nacho) Deschamps will remain as Chair of Banco Nacional de México. Manuel Romo will remain as Chief Executive Officer of Banamex.
The transaction is subject to customary closing conditions, including regulatory approvals in Mexico.
The transaction is expected to complete in second half of 2026.
Citi’s Banking group is acting as the exclusive financial advisor to Citi. Paola Lozano, Jeffrey Brill, Narciso Campos, Eduardo Flores, Alberto Sepúlveda and Eugenio Bernal of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Citigroup Inc. Creel García-Cuéllar Aiza y Enriquez acted as legal advisor for Citigroup Inc. White & Case, S.C. acted as legal advisor for Citigroup Inc. Laura Turano, Stan Richards, Suhan Shim, Anne McGinnis, Timothy Cruickshank, Nathan Mitchell, Bonnie Chen, Chuck Googe and Christopher Gonnella of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as U.S. legal advisor and Bufete Robles Miaja, S.C. serving as Mexican counsel to the Chico family.
Fernando Chico Pardo and family completed the acquisition of 25% stake in Grupo Financiero Citibanamex, S. A. de C. V. from Citigroup Inc. (NYSE:C) on December 15, 2025. As part of this agreement, effective immediately, Fernando Chico Pardo will become Chair of Grupo Financiero Banamex. The transaction, which was announced in September, has received the necessary Mexican financial and antitrust regulators’ approval and has met all closing conditions. 공시 • Dec 02
Citigroup Inc. Appoints Yuko Nakayama as Head of Japan ECM, Effective December 1, 2025 Citigroup Inc. has appointed a head for its operations for Japan effective immediately. The American bank has appointed Yuko Nakayama as head of Japan ECM. Nakayama returned to Citigroup Inc. in 2023 after a stint at Goldman Sachs. Her appointment is expected to enhance the bank's presence in the market. Nakayama will be responsible for leading and further developing its Equity Capital Markets franchise in Japan. In her new role, Nakayama will be responsible for leading and further developing its Equity Capital Markets franchise in Japan, as well as enhancing execution capabilities and broadening coverage for both domestic and multinational clients. She will report directly to Taiji Nagasaka and Akira Kiyota, co-heads of Investment Banking for Japan at Citi, with matrix reporting lines to Harish Raman and Kenneth Chow. The full ECM team in Japan will report to her. 공시 • Nov 07
Citi Unveils Strategic Expansion of Citi Token Services Citi announced the expansion of Citi Token Services (CTS) with the integration of Euro transactions and an extended footprint to Dublin, Ireland. This development broadens the platform's reach across multiple currencies and markets aiming to enhance 24/7, real-time, cross-border liquidity and payment capabilities for corporate and institutional clients globally. The solution is currently live in key financial hubs including the US, UK, Singapore, and Hong Kong, with plans for further market expansion. This expansion marks a significant step in Citi's digital asset strategy, building on the integration of Citi Token Services with Citi's 24/7 USD Clearing platform, announced in September. This industry-first integration will enable clients to move money when and where they need to without being constrained by time zones or currencies in a more cost-effective manner. As part of this expansion, Citi Token Services is extending its footprint into Dublin, Ireland - an important liquidity center for Citi's clients. From Dublin, clients will now be able to transfer both USD and Euros around the clock to their accounts and those of third-party accounts at Citi branches that are already live on CTS globally, addressing the limitations of traditional banking hours and supporting corporate liquidity optimization. This launch aligns with Citi's goal to deliver a multi-bank, multi-currency, cross-border network that provides reliable, frictionless and always-on payment and liquidity solutions worldwide. Subject to regulatory approvals. 공시 • Oct 31
Citigroup Inc. Reports Impairment Charges Results for the Third Quarter Ended September 30, 2025 Citigroup Inc. reported impairment charges results for the third quarter ended September 30, 2025. For the quarter, the company reported goodwill impairment of $726 million ($714 million after-tax). 공시 • Oct 23
Citi Announces Board Changes Citi announced that its Board of Directors has elected Jane Fraser, Citi’s Chief Executive Officer, as Chair of the Board. John Dugan, who served as Chair of Citi’s Board since 2019, will become Lead Independent Director. In his role as Lead Independent Director, Dugan will continue to perform many of the key leadership and oversight functions he did as Chair and will provide critical connectivity between Fraser and independent directors. In addition to carrying out the duties of the Lead Independent Director as in Citi’s Corporate Governance Guidelines and By-laws, Dugan will, among other responsibilities and consistent with peer practices, continue to meet with shareholders, regulators and other important constituents, and take a leading role in the Board’s self-assessment process and the CEO performance, compensation and succession processes. He also will continue to chair the Transformation Oversight Committee of the Board. John Dugan joined the Board in 2017 after serving as its counsel for several years. Jane Fraser became Citi CEO in 2021. 공시 • Oct 20
American Airlines and Citi Launch the Citi/Aadvantage Globe Mastercard American Airlines, Citi and Mastercard unveiled the Citi®? /AAdvantage®? Globe™? Mastercard®?--a new entry in the travel credit card market that reimagines what mid-tier means with access to premium benefits. Declared Dividend • Oct 16
Third quarter dividend of US$0.60 announced Shareholders will receive a dividend of US$0.60. Ex-date: 3rd November 2025 Payment date: 26th November 2025 Dividend yield will be 2.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 51% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Oct 16
Citi Appoints Karen Cheong as Country Human Resources Officer and Banking Human Resources Adviser for Malaysia Citi has appointed Karen Cheong as country human resources officer and banking human resources adviser for Malaysia. Cheong joined Citi in August 2010. She will be responsible for leading Citi Malaysia's human resources strategy and providing a broad range of advisory services, which includes leading Citi's efforts in talent acquisition, talent management, compensation and benefits, organisational effectiveness and employee engagement to support the firm's ongoing transformation and growth. Reported Earnings • Oct 15
Third quarter 2025 earnings released: EPS: US$1.89 (vs US$1.53 in 3Q 2024) Third quarter 2025 results: EPS: US$1.89 (up from US$1.53 in 3Q 2024). Revenue: US$19.8b (up 11% from 3Q 2024). Net income: US$3.44b (up 18% from 3Q 2024). Profit margin: 17% (in line with 3Q 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. 공시 • Oct 14
Citigroup Inc. Declares Common Stock Dividend, Payable on November 26, 2025 The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.60 per share, payable on November 26, 2025, to stockholders of record on November 3, 2025. 공시 • Sep 30
Citi Achieves Integrating Citi Token Services with 24/7 USD Clearing for Real-Time Cross-Border Payments and Liquidity Management Citi announced its plans for an industry-first integration of Citi®? Token Services, a blockchain-based platform, with its 24/7 USD Clearing solution to create a 24/7, multibank cross-border instant payments capability for Citi's institutional clients in the UK and US. This pioneering move expands Citi's growing real-time, 24/7 network and empowers corporate and financial institution clients to initiate payment transactions and manage liquidity near instantaneously across Citi and non-Citi accounts globally. Citi's 24/7 USD Cleared solution facilitates active transactions for over 250 banks across more than 40 markets, enabling their end clients to benefit from round-the-clock connectivity to Citi's network. Furthermore, Citi's multinational clients can now benefit from rapid 24/7 transfer of funds to suppliers and third parties who hold accounts within Citi's expanding 24/7 USD Clearing network. While initially available for clients with Citi accounts in the UK and US, Citi plans to expand this offering to additional geographies in the future. Citi Token Services leverages a private permissioned blockchain to facilitate tokenized internal liquidity transactions within Citi's network. This integration with Citi's 24/7 $Clearing combines traditional payment systems with secure blockchain technology, enabling frictionless, round-the-clock initiation and processing of cross-border USD payments. This underscores Citi's commitment and support of its clients' evolving digital payments needs and the global shift towards 24/7 financial operations. Citi's 24/7 USD Clearing helps clients to effectively make USD payments in near real time globally across Citi's 1,500 financial institution customers globally, 24 hours a day, 7 days a week, including holidays in the United States. 공시 • Sep 25
Fernando Chico Pardo and family agreed to acquire 25% stake in Grupo Financiero Citibanamex, S. A. de C. V. from Citigroup Inc. (NYSE:C) for MXN 42 billion ($2.3 billion). Fernando Chico Pardo and family agreed to acquire 25% stake in Grupo Financiero Citibanamex, S. A. de C. V. from Citigroup Inc. (NYSE:C) for MXN 42 billion ($2.3 billion) on September 24, 2025. As part of acquisition, 520 million shares will be acquired.
Upon closing, Fernando Chico Pardo will be appointed as Chair of Grupo Financiero Banamex. Ignacio (Nacho) Deschamps will remain as Chair of Banco Nacional de México. Manuel Romo will remain as Chief Executive Officer of Banamex.
The transaction is subject to customary closing conditions, including regulatory approvals in Mexico.
The transaction is expected to complete in second half of 2026.
Citibank Global Markets, Inc. acted as financial advisor for Citigroup Inc. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Citigroup Inc. Creel García-Cuéllar Aiza y Enriquez acted as legal advisor for Citigroup Inc. White & Case, S.C. acted as legal advisor for Citigroup Inc. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as U.S. legal advisor and Bufete Robles Miaja, S.C. serving as Mexican counsel to the Chico family. 공시 • Sep 11
Citigroup Inc. Appoints Shobhit Varshney as Its New Head of AI Citigroup Inc. Announced the appointment of Shobhit Varshney as its new head of AI. Varshney was with IBM, where he was the head of data and artificial intelligence. At Citi, the executive will work closely with chief technology officer, David Griffiths, to scale AI across the company. Declared Dividend • Jul 17
Second quarter dividend of US$0.60 announced Shareholders will receive a dividend of US$0.60. Ex-date: 4th August 2025 Payment date: 22nd August 2025 Dividend yield will be 2.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (33% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 50% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 81% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 16
Second quarter 2025 earnings released: EPS: US$2.01 (vs US$1.54 in 2Q 2024) Second quarter 2025 results: EPS: US$2.01 (up from US$1.54 in 2Q 2024). Revenue: US$19.2b (up 7.9% from 2Q 2024). Net income: US$3.73b (up 27% from 2Q 2024). Profit margin: 20% (up from 17% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Jul 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. 공시 • Jul 15
Citigroup Inc. Declares Quarterly Dividend on Common Stock, Payable on August 22, 2025 The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.60 per share, payable on August 22, 2025, to stockholders of record on August 4, 2025. 공시 • Jul 02
JTC PLC (LSE:JTC) completed the acquisition of Citi Trust from Citigroup Inc. (NYSE:C). JTC PLC (LSE:JTC) entered into an agreement to acquire Citi Trust from Citigroup Inc. (NYSE:C) for $80 million on September 16, 2024. The acquisition will be funded from the Group's existing cash reserves and committed debt facilities. The acquisition is subject to customary regulatory approvals in all relevant jurisdictions and is expected to complete in the first half of 2025.
As of June 24, 2025, JTC completes the first private placement in the United States with a $75 million through the issue of new USPP notes proceeds from the USPP will be used in part to finance the Citi Trust acquisition. The Citi Trust acquisition remains on track to complete by the end of second quarter of 2025.
Nick Spurrell, Melissa Fogarty, Dan Bomsztyk, Jenni Polson, Caroline de Chastelain, Mariasole Rinciari, Dorothy Adu-mfum, Chelsea Bruk-Jackson, Sarah Boyd, Tom Masters of Clifford Chance LLP acted as legal advisors for Citigroup Inc.
JTC PLC (LSE:JTC) completed the acquisition of Citi Trust from Citigroup Inc. (NYSE:C) on July 1, 2025. 공시 • Jun 19
Citigroup Inc. Announces Appointment of Jonathan Moulds as Non-Executive Director, Effective June 16, 2025 Citigroup Inc. announced the appointment of Jonathan Moulds as Non-Executive Director, effective June 16, 2025. The board appointed him to the Board’s Risk Management Committee and Transformation Oversight Committee. Mr. Moulds serves as Chair of the Board of Directors of Citigroup Global Markets Limited (CGML), Citigroup’s international broker/dealer. Mr. Moulds previously served as Chief Operating Officer of Barclays PLC and in several roles at Bank of America Corporation. ? Jonathan Moulds: Jonathan has extensive experience in financial services, having worked in the UK, US and Asia during his 25+year executive career. ? He spent the majority of his career at Bank of America where he became head of Bank of America's International businesses and subsequently European President of Bank of America Merrill Lynch, and the CEO of Merrill Lynch International following the merger of the two companies. Jonathan subsequently served as Chief Operating Officer of Barclays, where he oversaw the technology, risk and cost transformation initiatives to help improve the bank’s operational efficiency. ? Jonathan has taken on a number of non-executive roles including as Senior Independent Director and Chair of the Risk Committee at IG Group, the listed global leveraged trading platform, Chair of Citi’s International Broker Dealer, CGML and Chair of the Financial Markets Standards Board (FMSB) the industry-led, global standards body for wholesale financial markets. ? Jonathan has served on key industry associations, including the International Swaps and Derivatives Association as Chair, Association for Financial Markets in Europe as director, the Global Financial Markets Association as director and as a member of the Capital Markets Senior Practitioners of the UK Financial Services Authority. He was the founding co-chair of OTCDerivNet, which promotes the development of a secure post-trade environment for the OTC derivative industry. ? He has a first-class honors degree in Mathematics from the University of Cambridge and was awarded a CBE in the 2014 Honors List for services to philanthropy. 공시 • Jun 05
Citi Appoints John Mclean as Head of Equity Capital Markets and Global Asset Managers for Australia and New Zealand Citi announced the appointment of John McLean as Head of Equity Capital Markets (ECM) and Global Asset Managers (GAM) for Australia and New Zealand. John is currently Head of GAM, Citi's Financial Sponsors business in Asia Pacific. In this role, John is responsible for managing a regional team advising global alternative asset manager and sovereign wealth fund clients. In addition to his financial sponsors expertise, John has over two decades of experience in equity capital markets. John will relocate from Singapore to Sydney. Upcoming Dividend • Apr 28
Upcoming dividend of US$0.56 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (5.9%). Reported Earnings • Apr 16
First quarter 2025 earnings released: EPS: US$2.17 (vs US$1.60 in 1Q 2024) First quarter 2025 results: EPS: US$2.17 (up from US$1.60 in 1Q 2024). Revenue: US$19.0b (up 2.0% from 1Q 2024). Net income: US$4.07b (up 33% from 1Q 2024). Profit margin: 21% (up from 16% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • Apr 07
Fourth quarter dividend of US$0.56 announced Shareholders will receive a dividend of US$0.56. Ex-date: 5th May 2025 Payment date: 23rd May 2025 Dividend yield will be 4.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (36% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 50% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €52.97, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Banks industry in Europe. Total returns to shareholders of 28% over the past three years. 공시 • Apr 04
Citigroup Inc. Declares Common Stock Dividend, Payable on May 23, 2025 The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.56 per share, payable on May 23, 2025, to stockholders of record on May 5, 2025. 공시 • Mar 21
Citigroup Inc. Announces Board Changes Citigroup Inc. announced at the 2025 Annual Meeting of Stockholders to be held on April 29, 2025, announced Barbara Desoer will be retiring from the Board as of the Annual Meeting having reached the retirement age set forth in Citi’s Corporate Governance Guidelines, and S. Leslie Ireland who decided not to stand for re-election. 공시 • Mar 20
Citigroup Inc., Annual General Meeting, Apr 29, 2025 Citigroup Inc., Annual General Meeting, Apr 29, 2025. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €63.18, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Banks industry in Europe. Total returns to shareholders of 42% over the past three years. 공시 • Mar 06
Citigroup Inc. Names Rob Chan as Head for Asia ECM Syndicate Citigroup Inc. named head for Asia ECM syndicate, according to a memo reviewed by Reuters. The firm has appointed Rob Chan to lead its Asia ECM syndicate. Chan has been with Citigroup since 2003. He is to work in the position until a replacement is named. Chan replaces Harish Raman, who was appointed as head of Citigroup's Asia ECM execution and solutions in December. 공시 • Feb 27
Citi Announces Executive Changes Citi has tapped a Bank of America executive to oversee its private banking operation in North America. Andy Sieg, head of wealth at Citi, told employees in a memo this week that Chris Biotti will take over the firm's North America private bank. Biotti comes to Citi from Bank of America Private Bank, where he spent 13 years and was most recently in charge of its Northeast division. The announcement came roughly a month after the resignation of Ida Liu, the former global head of Citi's private bank. Sieg put forward plans at the same time for a restructuring that would have the firm's private banks run by four regional heads reporting directly to him. Cayman Wills, a regional head, was appointed interim leader of private banking in North America. Before joining Bank of America, Biotti worked in private banking at Neuberger Berman and Lehman Brothers in San Francisco. He also played professional ice hockey for a number of years. Sieg also noted that, at Bank of America, Biotti served as the executive co-sponsor of its Massachusetts Pride LGBTQ affinity group. He now works with groups dedicated to equality for children, such as the Board of City Year, Boston, and the Boston Board of Cradles to Crayons. Reported Earnings • Feb 24
Full year 2024 earnings released: EPS: US$6.03 (vs US$4.07 in FY 2023) Full year 2024 results: EPS: US$6.03 (up from US$4.07 in FY 2023). Revenue: US$71.4b (flat on FY 2023). Net income: US$11.5b (up 46% from FY 2023). Profit margin: 16% (up from 11% in FY 2023). Net interest margin (NIM): 2.40% (down from 2.46% in FY 2023). Cost-to-income ratio: 66.5% (down from 71.8% in FY 2023). Non-performing loans: 0.39% (down from 0.46% in FY 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Recent Insider Transactions • Feb 19
Chief Financial Officer recently sold €4.6m worth of stock On the 14th of February, Mark Mason sold around 58k shares on-market at roughly €79.21 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. 공시 • Feb 06
Citigroup Inc. Announces Executive Changes Citigroup Inc. announced the appointment of Christie Chang as the new CEO for Taiwan. She is to succeed Aftab Ahmed, who is set to retire after 50 years of service with the US banking group. Chang, who joined the bank about 35 years ago, is president of Citibank Taiwan and vice chair of Asia North corporate banking. 공시 • Feb 05
Citigroup Inc. Announces Executive Changes Citigroup Inc. has announced that it has appointed a co-heads of global asset managers. The firm has appointed Ashu Khullar and Anthony Diamandakis as co-heads of global asset managers. Khullar, who was India subcontinent sub-cluster banking head, is to be replaced in that role by K Balasubramanian. 공시 • Feb 04
Citigroup Inc. Announces Appointment of Titilope Cole to the Board of Directors Citigroup Inc. announced the appointment of Titilope Cole as a new director to its board of directors. In addition to her directorial duties, Cole is to also serve on the Risk Management Committee, the Technology Committee, and the Transformation Oversight Committee. Declared Dividend • Jan 20
Fourth quarter dividend of US$0.56 announced Shareholders will receive a dividend of US$0.56. Ex-date: 3rd February 2025 Payment date: 28th February 2025 Dividend yield will be 2.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (36% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 50% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 16
Full year 2024 earnings released: EPS: US$6.71 (vs US$4.07 in FY 2023) Full year 2024 results: EPS: US$6.71 (up from US$4.07 in FY 2023). Revenue: US$71.4b (flat on FY 2023). Net income: US$12.7b (up 62% from FY 2023). Profit margin: 18% (up from 11% in FY 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. 공시 • Jan 15
Citigroup Inc. Declares Common Stock Dividend, Payable on February 28, 2025 The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.56 per share, payable on February 28, 2025, to stockholders of record on February 3, 2025. 공시 • Nov 13
Citigroup Inc. and Bank of Shanghai Launches First-Of-Its-Kind Payments Solution for International Travelers in China Citigroup Inc. and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide international travelers a straightforward, cost-efficient and more streamlined Chinese yuan renminbi (CNY) payment journey while traveling in China. The payment service is facilitated by Citi’s USD Clearing solution and its full-value transfers, which ensures the final beneficiary receives their money at full value with no deductions. The innovation helps enable travelers to add funds to their TourCard digital account with Bank of Shanghai from another source, helping to make the payment experience smoother when settling expenses locally. Mobile wallets have become the dominant payment method in China, with over 84% of users utilizing them for transactions in the past year. However, international payments are often impacted by credit card acceptance issues, high interchange costs, and foreign exchange (FX) charges, causing friction in the process. With Bank of Shanghai’s TourCard solution powered by Citi, travelers can get access to local currency in China by linking a Bank of Shanghai CNY virtual account to their respective digital wallets in the Bank of Shanghai TourCard mini-app. The funding and final return of funds will happen through a Citi full-value transfer solution, powered by Swift Go and using Citi’s proprietary SwiftGo converter. Swift Go is Swift’s fast, secure and predictable low-value payments solution that offers end-to-end visibility on payment status, as well as transparency on fees and FX costs. Bank of Shanghai's TourCard is a prepaid card specifically designed for overseas travelers to make mobile payments in China. After they enter mainland China, overseas travelers can apply for a TourCard online via Bank of Shanghai or China-based digital wallet apps, and it is valid for 90 days from the date of issuance. Bank of Shanghai is the first bank approved by Chinese regulators for the TourCard flow. 공시 • Oct 28
Citi Launches New Digital Trade Receivable Finance Solution Citi has launched Citi Digital Bill, a new integrated digital bill discounting solution, making centuries old practices future ready. CDB significantly reduces complexity by eliminating the need for physical documents and couriers and the movement of paper across multiple parties in different geographies. For sellers, CDB provides a faster, more transparent way to manage receivables, reducing the time for monetizing receivables from a week to less than an hour. This new solution is an alternative to traditional paper-based Bills of Exchange with a comprehensive end-to-end digital platform, streamlining and digitizing the flows within Citi’s proprietary receivables finance platform, CitiDirect. CDB enables parties to a digital bill (seller, buyer & Citi) to sign, accept, endorse and finance the digital bill in CitiDirect, thereby removing historical challenges such as fragmented manual processes, operational risks of collecting and safekeeping of paper documents, as well as delays in access to working capital. CDB unlocks the potential for quicker monetization of receivables, while bringing clarity and transparency for both sellers and buyers. CDB is not a negotiable instrument and is structured under contract laws.
For buyers, CDB enables them to gain visibility into the status of invoice approvals and access to digital bills at any time, leading to better tracking and management of transactions. It also connects buyers with key relationship banks efficiently, enhancing risk matching. This new digital solution makes it easy for clients to transition to the new system without major disruptions. CDB is currently available to Citi’s clients in the United States, the United Kingdom, and Ireland, with plans to expand to additional countries in 2024, subject to necessary approvals. Declared Dividend • Oct 28
Third quarter dividend of US$0.56 announced Shareholders will receive a dividend of US$0.56. Ex-date: 4th November 2024 Payment date: 22nd November 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (61% payout ratio) and is expected to be covered in 3 years' time (37% forecast payout ratio). The dividend has increased by an average of 50% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 96% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Oct 25
Citigroup Inc. Declares Quarterly Dividend, Payable on November 22, 2024 The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.56 per share, payable on November 22, 2024, to stockholders of record on November 4, 2024. Reported Earnings • Oct 15
Third quarter 2024 earnings released: EPS: US$1.70 (vs US$1.64 in 3Q 2023) Third quarter 2024 results: EPS: US$1.70 (up from US$1.64 in 3Q 2023). Revenue: US$17.9b (down 2.4% from 3Q 2023). Net income: US$3.24b (up 2.6% from 3Q 2023). Profit margin: 18% (in line with 3Q 2023). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. 공시 • Oct 04
Citi Hires Ryan Berube to Lead Gaming Dealmaking Citigroup Inc. has announced the appointment of an executive to lead Gaming dealmaking. Bank of America Corp, managing director Ryan Berube has been hired by the firm as global head of gaming investment banking. Berube is to join the firm in November. 공시 • Sep 26
Citigroup Appoints Tokiya Kishie as Head of Markets for Japan, Effective from October 1, 2024 Citigroup Inc. has announced the appointment of a head of markets for Japan. The American banking company has appointed Tokiya Kishie to the position. In the role, the executive is to drive growth and lead the markets franchise in Japan. The appointment is effective from October 1, 2024. Kishie joined Citigroup in 2010, and has since held various roles in rates, FX, and X-Value adjustment businesses across Tokyo, New York, and London. 공시 • Sep 13
HDFC Reportedly in Talks with Global Banks to Offload $1 Billion in Loans HDFC Bank Limited (NSEI:HDFCBANK) is in talks with several global banks to offload as much as INR 84 billion ($1 billion) in loans to reduce its credit book and bring it more in line with deposits, according to people familiar with the matter. Discussions are ongoing with banks including Barclays PLC (LSE:BARC), Citigroup Inc. (NYSE:C) and JPMorgan Chase & Co. (NYSE:JPM), said the people, who asked not to be identified as the information is private. ICICI Bank Limited (NSEI:ICICIBANK) is also involved in the talks, one of the people said. The proposed loan portfolio sales, with terms yet to be finalized, would take place through a debt instrument known as pass through certificates, the people added. JPMorgan declined to comment. HDFC, Barclays, Citi and ICICI didn’t reply to requests for comment. Indian banks are under increased regulatory pressure to improve their credit to deposit ratios - a measure of how much of a bank’s deposits are being lent out to borrowers. The loan sales will help HDFC improve that ratio, which has worsened in recent years as growth in credit has outpaced deposits. The lender is also in separate discussions with local asset management companies to sell as much as INR 100 billion of loans, Bloomberg News reported earlier. 공시 • Sep 11
Citigroup Inc. Announces Executive Changes On September 4, 2024, Johnbull Okpara informed Citigroup Inc. (Citi) that he would resign from his position of Chief Accounting Officer and Controller of Citi to pursue another opportunity, effective September 10, 2024. On September 10, 2024, Robert Walsh, age 54, agreed to become interim Chief Accounting Officer of Citi, effective immediately, while a search for a permanent replacement is conducted. Mr. Walsh has been the Controller for the Services business since November 2023. Since his employment by Citi commenced in 1999, he has been an SEC Reporting Analyst; Assistant Accounting Policy Head – Global Consumer Banking; Head of Accounting Policy – Cards; Controller for Citi’s Institutional Clients Group in North America; Controller – Citigroup Global Markets Inc.; Head of Corporate and Regulatory Reporting; and, immediately prior to assuming his current role, Head of Financial and SEC Reporting. Also on September 10, 2024, Patrick Scally agreed to become interim Controller of Citi, effective immediately. Mr. Scally has been employed by Citi in various positions since 1992. Recent Insider Transactions • Aug 18
Chief Accounting Officer & Controller recently sold €1.4m worth of stock On the 15th of August, Johnbull Okpara sold around 25k shares on-market at roughly €55.14 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.5m more than they bought in the last 12 months. 공시 • Jul 30
Citigroup Inc. Announces the Launch of Its Annual CitiFX Vendor Review Citi announced the launch of its annual CitiFX Vendor Review, which provides the broadest view of FX vendors and a comprehensive analysis of the FX landscape for the benefit of clients and FX providers. The review highlights where strategic venue and vendor partners can improve based on client need and work towards a gold standard of best practice, operational governance, and clear benchmarks. Based on a robust framework and data-driven analysis, the review empowers clients to navigate an increasingly complex FX landscape. The analysis provides unique insight, helping clients identify FX venues which meet connectivity requirements, which ultimately improves the end client experience. This year’s review includes qualitative analysis, derived froma client survey,providing insight on the regulatory landscape, and the future of AI in FX trading. Now in its fourth year, the annual review promotes vendor best practice & operational governance, underpinned by the adherence to the FX Global Code of Conduct. Vendors are scored across nine criteria including functionality, connectivity, governance, stability, and customer service. The review provides some reassurance that clients are not alone in their quest for improvements and helps identify where changes may be needed if they are to remain with their provider. The insight also helps guide their decisions, if choosing a new solution or thinking of changing vendor. CitiFX Vendor Review roundtables events are scheduled for Singapore and Hong Kong, after being well attended in London with plans to expand to continental Europe. Declared Dividend • Jul 22
Second quarter dividend of US$0.56 announced Shareholders will receive a dividend of US$0.56. Ex-date: 5th August 2024 Payment date: 23rd August 2024 Dividend yield will be 3.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (58% payout ratio) and is expected to be covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 49% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 91% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Jul 19
Citigroup Inc. Declares Quarterly Dividend on Its Common Stock, Payable on August 23, 2024 The Board of Directors of Citigroup Inc. declared a quarterly dividend on its common stock of $0.56 per share, payable on August 23, 2024 to stockholders of record on August 5, 2024. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: US$1.54 (vs US$1.34 in 2Q 2023) Second quarter 2024 results: EPS: US$1.54 (up from US$1.34 in 2Q 2023). Revenue: US$17.8b (flat on 2Q 2023). Net income: US$2.94b (up 13% from 2Q 2023). Profit margin: 17% (up from 15% in 2Q 2023). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. 공시 • Jun 26
Citi Appoints Jeegar Shah as CFO for India Business Citi appointed Jeegar Shah as the chief financial officer(CFO) for its India franchise. He had been serving as interim CFO since February 2024. As the CFO, Shah is expected to act as the point of contact for financial matters pertaining to India, and collaborate with Ashu Khullar, the Citi Country Officer for India and Head of Banking for Indian Sub-Continent. Shah has been entrusted with the responsibility of providing strategic financial support to Khullar. Earlier, Shah had served as the Cluster Controller for Citi's South Asia Cluster. He has over 19 years of experience in finance roles, including financial and regulatory reporting, audits, regulatory examinations, and leading strategic finance initiatives across Citi's businesses. Aditya Mittal, Citi India's Chief HR Officer and head of HR, Indian Subcontinent, commented that Jeegar Shah's previous experiences have made him well-equipped to take on his new role as the India CFO. In March 2023, Axis Bank acquired Citi Bank's consumer business. Citi Bank India franchise's newly appointed CFO is a Chartered Accountant from the Institute of Chartered Accountants of India, and holds a master's degree in commerce from the University of Mumbai. 공시 • May 06
Citi Appoints Damien Tan as Head of Corporate Bank for Singapore Citi announced the appointment of Damien Tan as Head of Corporate Bank for Singapore, effective May 1, 2024. In his new role, Damien will drive the business performance and strategy for Citi's corporate banking business in Singapore and lead the bank's coverage of top tier local corporates, public sector, financial institutions and multinational clients in the country. He reports to K. Balasubramanian, Head of Corporate Bank for Asia South and Tibor Pandi, Citi Country Officer and Head of Banking for Singapore, and will serve as a member of the Singapore Management Committee. Damien began his career at Citi in 2003 as a Management Associate with the Corporate and Investment Bank and has held various positions across the bank including Investment Product Manager at Citi Singapore's offshore banking business – International Personal Bank. He was part of the Asia Fixed Income Syndicate Team in Hong Kong, assisting in the origination and execution of bond issuances for Citi's Asian clients across sovereigns, corporates and banks. Having been in banking for over 20 years, Damien brings with him deep industry knowledge and understanding of the needs of today's local corporate clients. Prior to this appointment, he was the Head of Local Corporates for Singapore where he led several landmark deals for Citi in Singapore. His responsibilities included managing Citi's top-tier local corporate relationships across Real Estate, Aviation, Shipping, Industrials, Healthcare, and the Agribusiness. Damien was also responsible for driving all aspects of the corporate banking business including strategy, client acquisition, lending, product partnerships, deal origination and execution. Damien holds a Bachelor of Science in Economics (Hons) from the London School of Economics & Political Science. 공시 • Apr 11
Citibank Appoints Janus Wu as Head of International Personal Bank for Hong Kong Citibank has announced that it has appointed Janus Wu as head of International Personal Bank for Hong Kong. In the position, Wu is to oversee the international personalbanking business and is to especially focus on leveraging the One-Citi partnership. 공시 • Apr 04
Citigroup Inc. Declares Quarterly Dividend on its Common Stock, Payable on May 24, 2024 The Board of Directors of Citigroup Inc. declared a quarterly dividend on its common stock of $0.53 per share, payable on May 24, 2024 to stockholders of record on May 6, 2024. 공시 • Mar 22
Citigroup Inc. Appoints Richard Weintraub as Head to Lead Family Office Group Citigroup Inc. has announced that it has appointed a head to lead its family office group. Richard Weintraub has been hired by the bank from UBS AG to head its wealth management group. The unit offers services to family offices in the Americas. 공시 • May 17
Citigroup Reportedly Close to Selling Most of Mexico Retail Operations Grupo Mexico SAB de CV (BMV:GMEXICO B) is close to clinching a nearly USD-7-billion (EUR 6.42 billion) deal to acquire the bulk of the Mexican consumer banking business of US banking giant Citigroup Inc. (NYSE:C), Bloomberg reported. As part of the possible deal, Citi will keep a portion of the Banamex retail operations with an option to later on sell them to Grupo Mexico or list the business, according to insiders cited by the news agency. Grupo Mexico claims to be the fourth largest company in Mexico. The group operates through four major divisions -- mining, transportation, infrastructure, and a foundation. Citigroup in January 2022 unveiled plans to sell the consumer, small business and middle market banking operations of Mexican bank Citibanamex as part of its push to focus on core businesses, simplify its operations and boost shareholder value. At the time, the US firm highlighted that it will continue to operate a locally-licensed banking business in Mexico through its global institutional clients group. 
