Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Citi veterans embark on new roles amid corporate reshuffle

Published Dec 01, 2023 01:28
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
C
+0.05%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Two long-serving Citi executives have embarked on new endeavors as the banking giant undergoes a significant corporate reshuffle. Stuart Riley, after a 13-year stint with Citi, has transitioned to the role of Global Chief Information Officer at HSBC. Concurrently, Alaa Saeed has left his position as global product head for an FX platform at Citi to join a Bahraini government-supported tech initiative after a notable 16-year tenure.

The departures of Riley and Saeed come at a time when Citi is witnessing a streamlining of its engineering division. David Griffiths' role has been narrowed down to Head of Engineering and Architecture, reflecting a broader trend of role consolidation within the company. These changes align with Citi's strategy to tighten its operational structure.

As part of the reshuffle, New York-based Jonathan Lofthouse has been appointed as Co-Chief Information Officer, working alongside Shadman Zafar to fill the vacancy left by Riley. The internal and external movements indicate a period of transition for Citi, with a focus on strategic realignment and leadership adaptation.

Company insiders have expressed high regard for both Riley and Saeed, underscoring their contributions to Citi over their extensive service periods. Their new roles signify a shift in their professional trajectories, with Riley taking on a significant global role at another leading financial institution and Saeed engaging with an innovative tech venture in Bahrain.

The engineering division at Citi, which was previously led by Griffiths as Institutional Clients Group Head of Engineering and Architecture, is expected to continue its development under the revised leadership structure. The strategic updates to the division's leadership are part of Citi's ongoing efforts to enhance efficiency and innovation within its technological operations.

InvestingPro Insights

As Citi navigates through its corporate reshuffle and streamlines its engineering division, it's crucial to understand the financial context in which these changes are occurring. According to InvestingPro data, Citi has a market capitalization of $87.56 billion and is trading at a low earnings multiple with a P/E ratio of 7.2, indicating a potential undervaluation compared to industry peers. This is further evidenced by a P/E ratio (adjusted for the last twelve months as of Q3 2023) of 7.12.

In light of the management changes, it's worth noting that Citi has been able to maintain dividend payments for 13 consecutive years, a testament to its financial resilience and commitment to shareholder returns. However, with a dividend yield of 4.63% as of the end of 2023, it's important for investors to consider the InvestingPro Tip that poor earnings and cash flow may force dividend cuts. This tip is particularly relevant as it highlights the potential risk to Citi's dividend sustainability in the face of organizational changes.

Moreover, revenue growth has been accelerating, with a 6.61% increase in the most recent quarter of 2023. This is a positive sign for investors looking at the company's ability to grow amidst the strategic realignments. The InvestingPro product, which includes additional tips, reveals that there are 6 analysts who have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's future performance.

For those looking to dive deeper into Citi's financial health and future prospects, InvestingPro offers a comprehensive suite of tools and analytics. With the special Cyber Monday sale, investors can now subscribe to InvestingPro at up to 60% off, and by using the coupon code sfy23, they can get an additional 10% off a 2-year InvestingPro+ subscription. There are many more InvestingPro Tips available for Citi, providing subscribers with valuable insights to make informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Citi veterans embark on new roles amid corporate reshuffle
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email