What is going on at Citi…
It is clear the bank has been struggling with capital returns (RoTCE) for years.
Consequently, a newly introduced capital committee has prevented any additional balance sheet commitment without near C-suite banking leads vetting its economics.
Without an IB fee, nearly every deal is lined up for rejection, given Citi cannot price like a Wells or a European Asset holder…
Is this sustainable? Headcount? Citi’s loan book will dry up if this proceeds.
Thoughts.
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