4 Things to Expect From Citigroup in 2021
Like most of the megabanks in 2020, Citigroup (NYSE: C) struggled as it faced high credit costs and the ultra-low-rate environment brought on by the coronavirus pandemic. The bank also dealt with and continues to deal with regulatory issues related to its internal controls over compliance, data, and risk management.
In the back half of 2020, the bank announced that its longtime CEO Michael Corbat would retire, sooner than most expected. Jane Fraser, who has worked at Citigroup for the last 16 years, is the new CEO. With a new leader and lots of challenges to overcome, let's take a look at four things to expect from the bank in 2021.
Citigroup has long frustrated investors for failing to generate the same returns as its competitors, which might explain part of the reason Corbat retired sooner than most expected. On her first earnings call as CEO last week, Fraser said one of her main priorities is "refreshing our strategy." And from her high-level comments, it seems like Fraser wants to double down on Citigroup's global capabilities. Citigroup is already in 160 countries and jurisdictions, but the direction makes sense for Fraser, who led the bank's Latin American region before becoming CEO.
Source Fool.com
