economy
Citigroup shares outperform down market after Trump endorsement
Jane Fraser-led Citi fell 1%, less than the rest of the market and some other major banks, after Trump lauded its turnaround in a social media post.
TL;DR
- Citigroup stock saw a temporary boost after President Trump praised the bank on social media.
- Trump's post specifically lauded Citigroup's position as Number 1 in M&A advisory market by Value in Q1.
- Despite the praise, Citigroup shares closed down 1% on Wednesday, underperforming the S&P 500 and some competitors.
- Official rankings from platforms like Dealogic indicate Citigroup is not the leader in M&A advisory, with other banks ranking higher.
- Citigroup stock has outperformed the S&P 500 year-to-date, climbing 14.3% compared to the S&P 500's 6.2%.
- The bank is currently undergoing a multiyear turnaround strategy under CEO Jane Fraser, involving business streamlining and job cuts.