Citigroup Stock Drops on Disappointing Profit Targets
After Citigroup disclosed a target for return on tangible common equity of 14% to 15% by 2031, its stock experienced a drop, disappointing analysts' forecasts. This announcement was made during the bank's investor day, prompting a negative reaction from investors who were hoping for a more favorable profitability outlook, which ultimately resulted in a decrease in share price.
Key facts
- Citigroup set a return on tangible common equity target of 14% to 15% by 2031.
- The target fell short of analyst expectations.
- The announcement was made during Citigroup's investor day.
- Citigroup's stock price declined following the news.
Entities
Institutions
- Citigroup
Sources
- Quartz —