Shares of Citigroup Inc (NYSE:C) ended Monday session in red amid volatile trading. The shares closed down -1.26 points or 2.67% at $45.89 with 22.65 million shares getting traded. Post opening the session at $46.51, the shares hit an intraday low of $45.83 and an intraday high of $46.63 and the price vacillated in this range throughout the day. The company has a market cap of $133.44 billion and the numbers of outstanding shares have been calculated to be 2.91 billion shares.
On September 23, 2016 Citi announced that it has completed the sale of Financial Reassurance Company 2010, Ltd. (“FRAC”), a special purpose financial insurance company, to a subsidiary of Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (“Munich Re”). FRAC reinsures a block of term life insurance policies issued by Primerica Life Insurance Company of Canada, a subsidiary of Primerica, Inc., which were in force as of December 18, 2009.
The transaction resulted in a reduction of approximately $460 million of assets from Citi Holdings’ balance sheet. FRAC was reported as a part of Citi Holdings, which consists of businesses and portfolios of assets that Citigroup has determined are not central to its core franchise. Financial terms of the transaction were not disclosed.
Citi Holdings CEO Francesco Vanni d’Archirafi said, “This transaction is a positive outcome for Citi and joins this business with an industry leader, Munich Re. It also represents yet another step in our strategy to reduce the assets and businesses in Citi Holdings.”
Shares of Deutsche Bank AG (USA) (NYSE:DB) ended Monday session in red amid volatile trading. The shares closed down -0.90 points or -7.06% at $11.85 with 20.69 million shares getting traded. Post opening the session at $12.01, the shares hit an intraday low of $11.23 and an intraday high of $12.05 and the price vacillated in this range throughout the day. The company has a market cap of $16.08 billion and the numbers of outstanding shares have been calculated to be 1.37 billion shares.
On September 6, 2016 Deutsche Bank Wealth Management announced that it will focus on making strategic investments in its US Wealth Management business after successfully closing the sale of its US Private Client Services (PCS) unit to Raymond James Financial, Inc.
The unit will continue to operate under the name of Alex. Brown. The agreement was originally announced in December 2015.
Deutsche Bank Wealth Management has been strategically expanding its wealth management presence in selected US markets including the West Coast and Florida.
“The successful sale of the US PCS business is a significant step toward the bank’s Strategy 2020 goal to become a simpler and more efficient organization,” said Fabrizio Campelli, Head of Deutsche Bank Wealth Management. “We will now concentrate on further building out our wealth management capabilities for ultra-high-net-worth clients in the US, underlined by a series of recent senior appointments including Patrick Campion, who joined us last month as Head of Deutsche Bank Wealth Management for the Americas.”