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00:03Citigroup raised its adjusted return on tangible common equity target to 11% to 13%
00:07for 2027 and 2028 ahead of its investor day on Thursday, according to Reuters.
00:13The bank previously targeted ROTC of 10% to 11% for this year as CEO Jane Fraser continues
00:19a multi-year overhaul focused on profitability and restructuring.
00:23The metric measures how profitable a bank is based on its tangible assets.
00:28Fraser has sold retail businesses globally, reduced management layers, and increased
00:34risk control since taking over in 2021.
00:37Citigroup shares have climbed more than 80% during her tenure and are up more than 9%
00:42this year.
00:43Last month, the bank reported first quarter ROTC of 13.1% and posted its highest quarterly
00:51revenue in a decade at $24.6 billion after strong trading revenue and higher investment
00:57banking fees lifted results.
00:59For all things money, visit Benzinga.com.
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