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- Danger Lurks for These 2 High-Yield Dividend Stocks
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- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
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- Why Hawaiian Holdings, Inc. Stock Plummeted Today
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- India to become second largest smartphone market b...
- Researchers develop a mobile app that lets visuall...
- Facebook usage over Tor surpasses one million mont...
- Free Wi-Fi content on trains and buses; this is ho...
- China ban on Apple services is a challenge for key...
- Android N Developer Preview moves beyond Nexus dev...
- Apple may be exempted from local sourcing norms fo...
- Acer Liquid Zest Plus announced with massive 5,000...
- US Justice Department withdraws NY iPhone unlockin...
- Microsoft, Google agree to withdraw regulatory com...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Biogen Inc Earnings Explode Higher, Revenue Not So...
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
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- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
- Why Did Southwestern Energy Take Out a $1.5 Billio...
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- Don’t let the kids have all the fun, ace Snapchat ...
- Use only clean energy with the flip of a switch th...
- The NHTSA is using Twitter to personally call out ...
- iPhone running low on memory? SanDisk's iXpand Fla...
- MTV Cribs is making a comeback … on Snapchat
- What’s new on Netflix and what’s leaving in May 2016
- Eizo Foris FS2735 review
- New trailer for Woody Allen's Cafe Society feature...
- Art imitating life: 7 great crime movies based on ...
- id Software responds to PC gamers' complaints abou...
- Big sound, small package: Here’s our 9 favorite so...
- Relive the horror and the glory of the top ten Gam...
- China’s National Space Administration just announc...
- Scared of zombies? Inkas’ upgraded Sentry APC will...
- Ingenious Brazilian billboards use fake sweat to a...
- Close that torrent! Here’s how to legally watch Ga...
- UCI scientists stumble upon the key to never-endin...
- Zotac teases tether-free VR gaming using a Zbox mi...
- Two weeks on the road with digital ear plugs made ...
- A swing and a miss: ten car brands that didn’t mak...
- Prince’s autopsy is complete, but official results...
- There's nothing subtle about MSI's new Aegis gamin...
- How the DMCA silences cybersecurity experts, and m...
- Trends with Benefits: Celebrating TechfestNW and n...
- Legless duck walks again with 3D printed prostheti...
- Deal alert! The Alcatel POP 7 LTE has Android 6.0 ...
- Crispy Rice Cooker lets you push a button and walk...
- Between the Streams: Game of Thrones preview, Jaso...
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- DoT wing issues notification to liberalise CDMA sp...
- Soon dial mobile numbers from WhatsApp, Skype as D...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
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- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
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- BSNL 20GB 3G data offer for Rs 50 could help win n...
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Apple Watch 2 fans have a happy news here: At last, the brand has opened the box and confirmed its launch date which will be during the Worl...
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As the Zika virus continues to plague South America, two Brazilian companies have designed a small billboard sign that traps and kills the c...
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Verity Milligan tells how her evolution as a photographer has been aided by people she found on Instagram. In 2012 I moved to Birmingham and...
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Written by Amrita Dutta | Updated: April 22, 2016 6:25 pm Among Juggernauts’ first re...
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Qualcomm on Wednesday posted sales and earnings ahead of what many analysts were expecting amid strength in both its chip and licensing busi...
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BENGALURU: Global professional services company Accenture on Thursday said it opened a cyber centre here to expand its global security p...
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By: Reuters | Published:April 22, 2016 1:38 pm Google’s parent company Alphabet missed its firs...
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Great news for Motorola fans, as the next couple of months will probably belong to the US handset maker. Even though it’s one of the fe...
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By: PTI | Washington | Updated: April 22, 2016 2:04 pm The Hubble was launched into the Earth o...
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That $50 tablet Amazon introduced not too long ago is coming in several new colors starting this week. Amazon calls the Amazon Fire the comp...
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Is Citigroup, Inc. (NYSE:C) the best-managed bank in America? I'll save you the suspense: The answer is no. But it's better managed than the market believes, and for stock pickers, that's a valuable observation.
Want proof? Last Wednesday, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) jointly announced that Citi was the only bank among the top eight U.S. banks to receive a qualified approval from both regulators on its living will.
A living will -- "resolution plan" is the official term -- is a plan for winding down a too-big-to-fail institution in a manner that prevents a system-wide crisis.
That "win" clearly caught investors by surprise: Citi shares rose 5.6% on the day, versus a 3.8% gain for the KBW Bank Index (DJINDICES:^BKX). (The entire sector got a lift from JPMorgan Chase's earnings that day.)
Who's the worst?
In the wake of the global financial crisis, too-big-to-fail banks have faced enormous skepticism on the part of the market, but none more so than Citi, and that's perfectly understandable. When former FDIC chairperson Sheila Bair was asked point blank in 2011 which bank was the worst, she answered:
"During the crisis I said Citigroup was a basket case, Merrill Lynch was a basket case. These thrifts, Countrywide, Golden West, WAMU [Washington Mutual], they were all in serious trouble."
Among that list, only Citi survived as an independent entity. The others failed or were acquired -- and gave their acquirers an expensive case of indigestion. Citi doesn't owe its survival to good luck: Chalk it up to the government's making two capital injections totaling $45 billion -- matched only by Bank of America Corp. -- and providing loss guarantees on a $306 billion pool of assets.
The "basket case" discount
Thus, over the past five years, Citi shares have traded at an average 33% discount to their peer group average price-to-book value multiple and a 12% discount on the basis of price-to-forward earnings, according to data from Bloomberg. The market left Citigroup for dead.
But institutions change, and 2016's Citigroup is a far different organization than 2008 Citigroup. Before becoming CEO, Michael Corbat oversaw the sale of 40 businesses and divested over $500 billion in assets at the head of Citi Holdings, the unit that houses the bank's non-core assets. The running total is now over 60 businesses and $700 billion in assets.
From worst to first
And there were clues that should have tipped investors off that Wednesday's success was completely plausible.
In March 2015, the Federal Reserve awarded Citigroup the cleanest pass on its capital return program among the top banks participating in the annual round of "stress tests."
That wasn't dumb luck: Citi had suffered an embarrassing failure on the same exercise a year earlier, prompting Corbat to stake his job on winning a pass in 2015. Now that's real motivation for you -- the kind that reverberates throughout the organization.
The bank then spent $180 million to improve its capital planning process. That had immediate benefits when it comes to drawing up a resolution plan, since the preferred resolution strategy under the Dodd-Frank Act is to recapitalize a bank's major operating subsidiaries before the failure of the parent company.
Going on page length alone (see the following table), it would appear that Citigroup's 2015 living will was the most explicit and comprehensive. In sum, Citi had put more care and effort into the exercise than its peers did.
Institution | Resolution Plan Page Length (Public Summary) |
---|---|
Citigroup | 102 pages |
Goldman Sachs | 86 pages |
Bank of America | 63 pages |
Bank of New York Mellon | 68 pages |
Morgan Stanley | 60 pages |
State Street | 57 pages |
JPMorgan Chase | 53 pages |
Wells Fargo | 38 pages |
I admit, though. that page length is a crude measure to infer the quality of the plan, particularly since these are the public summaries only. Some banks may simply have chosen to be more concise.
And the Fed and the FDIC did identify specific issues in Citi's plan that require improvement. However, these are qualified as "shortcomings" rather than the "deficiencies" found at the other banks that render a plan "not credible,"
From zombie to winner
For investors, what does this all mean? The greatest living will in the world doesn't ensure a bank is earning its cost of capital. Indeed, Citigroup is not currently earning its cost of equity, so it's no surprise the shares continue to trade at a discount to its book value and even to its tangible book value.
Still, this latest "win" for Citigroup is more proof that the bank is hugely improved under Corbat's leadership. I expect the improvements to continue and the gap with book value to narrow, and while the market caught a glimpse of this last Wednesday, I think it has yet to be fully reflected in the stock price.
A secret billion-dollar stock opportunity
The world's biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering their brand-new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early in-the-know investors! To be one of them, just click here.
Source : www.fool.com
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