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CITIGROUP INC.

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Citigroup forms energy transition group within investment banking - memo

05/13/2021 | 12:20pm EDT
FILE PHOTO: FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

NEW YORK (Reuters) - Citigroup Inc has created a unit within its energy investment bank dedicated to the clean energy transition, aiming to capture more business from the shift towards a lower carbon economy, according to an internal memo seen by Reuters.

The entity will be headed by Serge Tismen and Shail Mehta, and will focus on companies including those involved in hydrogen, charging infrastructure, carbon capture and sequestration and biofuels, said the memo, the contents of which were confirmed by a bank spokeswoman on Thursday.

The move comes after Citigroup said in March it would consolidate three of its investment banking units - energy, power, and chemicals - into a single entity that would be more responsive to clients' focus on sustainability.

The Clean Energy Transition sector will sit within that group and cover both public and private entities, as well as private equity and venture capital firms and their respective portfolio companies focused on green energy. Firms involved in renewable power generation will remain with bankers in the broader group.

"Clean energy transition is a global super trend that is accelerating rapidly and will last decades," said the memo, adding that to appropriately meet the challenges of the shift, the bank needed "a clearly defined identity, dedicated resources, intense focus and direct accountability".

(Reporting by David French in New York; Editing by Marguerita Choy)


ę Reuters 2021
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Financials (USD)
Sales 2021 71 396 M - -
Net income 2021 18 365 M - -
Net Debt 2021 - - -
P/E ratio 2021 7,49x
Yield 2021 3,09%
Capitalization 140 B 140 B -
Capi. / Sales 2021 1,96x
Capi. / Sales 2022 1,93x
Nbr of Employees 211 000
Free-Float 66,1%
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Number of Analysts 25
Average target price 84,92 $
Last Close Price 67,61 $
Spread / Highest target 74,5%
Spread / Average Target 25,6%
Spread / Lowest Target -2,38%
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Jane Nind Fraser President, Chief Executive Officer & Director
Mark A. L. Mason Chief Financial Officer
John C. Dugan Chairman
Mike Whitaker Head-Operations & Technology
Mary Mcniff Chief Compliance Officer
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