Citigroup

Money Moves

Participating institution

Twenty-one of the world's largest banks have put about $270 million behind a shared stablecoin company. The money covers five years of operating costs for a venture known internally as Project Faro, which plans to issue a dollar-denominated token in the first half of 2027.

Updated Yesterday

Money Moves

Beat estimates but shares fell 5.6%

JPMorgan Chase missed profit estimates for the first time since late 2023, while Goldman Sachs beat by 30% and Morgan Stanley topped expectations. The gap came down to equities trading, which rose 72% at Goldman and 49% at JPMorgan. Treasury yields had their biggest quarterly rise since 2009, which cooled bond desks.

Updated Nov 1

Money Moves

Approved to set up Citigroup Securities (China); has six months to complete registration

China's securities regulator approved Citi's plan for a wholly owned securities firm in Shanghai on Oct. 23, ending a wait that began with an application in late 2021. Citigroup Securities (China) has 1.2 billion yuan (about $180 million) in registered capital.

Updated Oct 30

Money Moves

Approved on October 23, 2026 to set up a wholly owned brokerage in Shanghai

China's securities regulator approved Citigroup's wholly owned brokerage on October 23, ending a wait that started with a December 2021 application. Citigroup Securities (China) will be based in Shanghai with 1.2 billion yuan of registered capital, about $178 million.

Updated Oct 25

New Capabilities

As of October 2026: Launched multi-market instant payments on the Swift payments scheme

Banks moved cross-border payments in days, not seconds, for most of modern finance, held back by local accounts in every market. On October 2, Citi became the first bank to go live in multiple markets on the Swift (Society for Worldwide Interbank Financial Telecommunication) payments scheme.

Updated Oct 11

Money Moves

As of September 2026: Co-coordinator of the $29.6 billion loan

ByteDance, the company behind TikTok, has secured a $29.6 billion loan from nearly 30 banks. It's the second-largest dollar-denominated loan in Asia this year, behind only SoftBank's $40 billion March raise.

Updated Sep 5

Money Moves

As of May 2026: Best quarterly revenue in a decade; ROTCE of 13.1% exceeded Fraser's medium-term target

The six largest American banks wrapped up first-quarter 2026 reporting with combined net income of $47.3 billion, with trading floors thriving on Iran war volatility even as the outlook darkened. JPMorgan earned $5.94 per share on $50.54 billion in revenue as fixed-income trading surged 21 percent to $7.08 billion, while Citigroup posted its best quarterly revenue in a decade at $24.63 billion. Bank of America earned $1.11 per share, its highest in nearly two decades. Morgan Stanley posted a record equities trading quarter of $5.15 billion and a 29 percent jump in profit. Goldman Sachs led the week with record equities trading revenue of $5.33 billion. The banks announced roughly 5,000 job cuts, using the profit windfall to trim headcount rather than expand.

Updated May 31