Citi Up 6.0% Today - Will You Buy
AvaTrade | Dec 07, 2012 04:21AM ET
Citi new CEO Michael Corbat took his first step in making Citi more leaner by cutting 11,000 jobs which is about 4% of its workforce. He is always famous for being liking the company leaner and efficient. His action is expected to save about $900 million in cost savings next year and annual expense savings of more than $1.1 billion beginning in 2014.
Citi has always been known to have more bright spot as compare to its competitors when it comes to consumer banking which will be hit hardest with about 35% of the charges and the majority of layoff in branch banking and consumer lending now. CEO said out of 11,000 jobs 6,200 jobs will be cut in the global consumer banking unit. About 40 percent of those layoffs will be in technology and operations support areas.
Citigroup has been reducing its size down globally by selling assets. In May, Citi sold a stake in Turkey’s Akbank for $1.15 billion. It sold a $1.9 billion stake in India’s HDFC in February. This time CEO is saying to scale back or even exit consumer banking in Pakistan , Paraguay, Romania, Turkey and Uruguay.
Michael Corbat was so aggressive in his move today that even top markets for Citi were not even spared such as Brazil and Hong Kong where it will cut its number of branches. After the restructuring, the bank will have 4,000 branches around the world.
Portfolio Holdings
According to Reuters there 2353 portfolio holding this stock and recent activity shows 32 new buys and 2 sells.
Institutional Holdings
Citi’s shares are owned by 65.95% by intuitions and 3 month net change is 75million addition so in other words 115 new positions were opened and 80 positions were closed by hedge funds according to Reuters
Analyst Recommendations
There are 9 buys which is up by 2 three months ago , 13 Outperfrom which is up by 1 three months ago, 7 Hold which is up by 2 three months ago and 2 sell according to reuters poll.
Performance
Week: -2.14%, Month: -8.80%, Quarter: 15.45%, Year: 27.19%,
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Technical Analysis
52 Week’s Range
24.37-38.71
SMA’s Percentage
SMA20: 2.62%
SMA50: 2.71%
SMA200: 14.87%
Average Volume
39.83M
ATR
0.85
Important Levels
Demand Zone
Demand zone 1 : 34.39- 33.99 (Aggressive Investor)
Demand Zone 2: 31.85-31.23 (Conservative Investor)
Resistance Zones
Resistance zone 1 : 36.72-36.32 (Aggressive Investor)
Resistance Zone 2: 37.90-38.74(Conservative Investor)
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by Naeem Aslam
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