Citigroup (C.N), opens new tab cut its closely watched profitability target in 2026 as it tackles rising regulatory expenses and, at the same time, announced a $20 billion share buyback program.
Citigroup beat estimates for fourth-quarter profit, fueled by strength in trading and deal making, sending shares of the third-largest U.S. lender up 7.4% in afternoon trading on Wednesday.
But the bank lowered its target for return on tangible common equity (ROTCE) for next year to a range of 10% to 11% from a 11% to 12%. Fraser described the new target as “a waypoint, not a destination.”
Source: REUTERS
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