Philip Drury’s Post

Amazing the US Government #complacency with Citigroup last years when was fined 3 times just for repeated #moneylaundering #violations 2017 DOJ-MLARS NPA, 2017 OCC 70M and OCC-FEDRESERVE 400M 2020. Some media and its editors have on hands now enough to write a key expected story while Citi investors have suffered for years losses and misleadings, even honest employees who suffered retaliation Perez V. Jimenez 2017-ARB-00031 and recently high level executive fired as #retaliation for have refused to fill false reports #Data #risk #management to OCC-FEDRESERVE under fully uncomplied by Citi consent orders. #Mexico unit failed and messy exit could be perfectly linked to Citi regulatory storm. There are at least 2 FOIAs responses available to watch links of some tips to Citi #enforcements and surely more additional comming soon by agencies, is time to tell the truth in full! Investors and media should see #FOIA by regulators about role played by #tips on Citi #supervisory #investigations proceeds: https://lnkd.in/eYE4Uy45 https://lnkd.in/gyAx8qpy As recently Boeing CEO and Board faced US Senate testimony for repeated violations as recivist, should be Citi CEO and Board the next to be call by US #Senate? or Citi and Its Board will persist as being above the law for this Administration with Regulators and Agencies settlements/orders uncomplied. Citi just has reprimanded in Sep 2022 as playing toys with US Government Officials patience or complacency? Citi NO approved Sep Oct 2023 OCC-FEDRESERVE #examinations under the 3 consent orders force, but why nothing happened against Citi, or power or US Treasury Units, SEC, Fincen with AMLA-WB program powers 200M annual budget until today no #wistleblower protected, no data of success, bo award given ( when US Senators requested that but never was reponsed ) and DOJ rules and announcements are only availables against NON US #Financial #Corporations as repated offenders? Have Citi duly and transparently disclosed next litigation and legal-regulatory even criminal moneylaundering #investigations issued to SEC and Investors on its latest 10K filled in Feb 2024? There is fully available this 10K highlighted independant analysis for media and public to be reviewed. Do effectively pay report to agencies laws violations when is about Citigroup?? or will must be necessary more dust and #losses for tax payers, employees and #investors harmed?

This is the key point to consider on WSJ great article below. For US media is not easy speak about Citi, perhaps because Citi power of lobby has been buying extra time last years, announcing " transformation plans, foreign exits ( blocked and failed until today as Citibanamex Mexico? ), recently " service business " as jewell?? delaying the truth still hidden related to messy regulatory misconducts as recidivist for years??? "That trouble remains top of mind for regulators. Some branches of #government value Citi’s ties to foreign central banks and proximity to the digital pipes that move #money around the world, helping Citi advance foreign policy and police #moneylaundering." "They are #never, ever, getting out of those consent orders,” one former Citi executive said." "Interviews with more than three dozen current and former Citigroup #executives, #board members, #clients, #competitors and #investors reveal that doubters are easy to find. #Regulators and #shareholders want her to accelerate. Some clients think she’s moving too fast, including a top #investment manager that bristledat the abrupt changes to Citi staff and services. There isn’t a day that goes by without Fraser catching grief from one corner or another.The calls for change are relentless" "A firm famed for its ties to foreign central banks that can’t stayout of the Federal Reserve’s doghouse for weaknesses in its internal controls." "...started to separate from Citi’s #Mexican consumer bank, #Banamex, which had been roiled by #fraud allegations in years past..." "#Federal regulators issued the consent orders, decrees that prod banks to address #weaknesses, in October 2020, citing “significant ongoing #deficiencies.” #compliance #moneylaundering #amla #data #riskmanagement #regulatory #fincrime #AML #AMLA #compliance #moneylaundering #amla #data #riskmanagement #regulatory #fincrime #AML #AMLA

The Wall Street Journal had a great write-up today on the efforts Citigroup and its CEO are making to turn the organization around. The article delves into several missteps Citi took over the past 20 years that led to their current situation. The issue that stood out most to me was the lack of oversight in integrating disparate systems as the company grew through acquisitions, resulting in inefficiencies and loose control across the organization. I have had the privilege of serving clients who conduct annual benchmarks of their competitors' GTM tactics, IT infrastructure, sales force, and more. Some might say it's overkill, but annually benchmarking against your peers not only provides a measuring stick for your own performance but also gives you the ammunition to support necessary changes. In the case of Citi, I suspect a similar engagement might have highlighted these issues more clearly and prompted action sooner. #CompetitiveIntellignece #Fletcher #Finance #FinTech https://lnkd.in/g-YQDyED

Further to my article regarding Citigroup from earlier this week......

In this edition of Nine Themes Talking Points, David May, Global Head of Research at HSBC, explores some of the links between our nine investment themes and this month's initiation of coverage on dozens of US equities. Clients of HSBC can access the full report here 👉 https://grp.hsbc/6043uR65d Want to find out more? Just askreasearch@hsbc.com #HSBCResearch #Research #ThoughtLeadership

I had an incredible experience participating in the Citi 2024 Global Property CEO Conference in Miami, alongside Tim Bodner. Our panel, moderated by Lucy Baldwin and Nick Joseph, discussed navigating the real estate sector's transition. We shared our experiences on the major transformation processes, including: - capital flows: more private capital, HNWI and investments by corporate occupiers as well as the big push for investment in the AsiaPac region. - sector developments: strong convergence of real estate and infrastructure into real assets, alongside outlooks for the "classics" RE asset types - value creation opportunities: trends towards scaling through M&A, improved operational efficiency through AI/GenAI and ESG as drivers of success - the influence of regulation and upcoming elections: the influence of the US elections on the markets, but also the increasing regulation of the financial and housing markets The conference provided valuable insights into global trends of the capital market-oriented real estate industry. We also had the opportunity to network with C-level and share our insights. Many thanks to Citi and Tim Bodner for making this possible. Looking forward to next year! #pwcrealestate #pwcrealassets #thankyou #citi

In this edition of Nine Themes Talking Points, David May, Global Head of Research at HSBC, explores some of the links between our nine investment themes and this month's initiation of coverage on dozens of US equities. Clients of HSBC can access the full report here 👉 https://grp.hsbc/6043uM9qZ Want to find out more? Just askreasearch@hsbc.com #HSBCResearch #Research #ThoughtLeadership

In this edition of Nine Themes Talking Points, David May, Global Head of Research at HSBC, explores some of the links between our nine investment themes and this month's initiation of coverage on dozens of US equities. Clients of HSBC can access the full report here 👉 https://grp.hsbc/6049RBiml Want to find out more? Just askreasearch@hsbc.com #HSBCResearch #Research #ThoughtLeadership

Debatable but banking sector has still lot of potential with the competitive environment.

Despite uncertain macroeconomic conditions, JPMorgan Chase & Co. continues to increase its technology investment for its Commercial & Investment Banking (CIB) division by approximately 5.9%. This figure aligns with the results from Celent's 2024 Dimensions survey, which found that sell-side firms are increasing their technology budgets this year by a global average of 4.5%. Monica Summerville, their Head of Capital Markets, takes a closer look at where this investment is going and the ROI being realized. Discover more > https://lnkd.in/gCFU-fba