Citigroup CFO Luchetti expects equity return above 11% this year
The group could still buy small companies with services that would be “add-ons” to current businesses, he said
[NEW YORK] Citigroup chief financial officer Gonzalo Luchetti said on Monday (Sep 14) the bank expects its return on tangible common equity, known as ROTCE, to be slightly above 11 per cent this year.
The bank will also increase the volume of stock buybacks from the US$13 billion it acquired in 2025, Luchetti added at a conference in New York.
The bank expects to accelerate around US$500 million in investments through the end of the year, including increasing severance to reduce headcount in some areas and other investments to support growth, such as marketing for credit cards and wealth management.
The CFO expects the bank to remove Mexico’s Banamex from Citi’s balance sheet next year, with a currency translation adjustment loss of US$9 billion.
Citi is focused on organic growth, the CFO said, but could still buy small companies with services that would be “add-ons” to current businesses. “But we will not do anything transformative,” Luchetti said. REUTERS
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