Citi wealth unit adds Apollo, Bank of America alums as division extends growth streak

Citigroup anticipates Chinese regulatory approval for its wholly owned mainland brokerage business this month, according to sources. The bank plans to double its workforce to about 100 employees by year-end. This move comes as China opens its financial sector to foreign firms and domestic companies increasingly turn to equity markets.

A 21-bank consortium, including Goldman Sachs (GS) and Wells Fargo (WFC), plans to launch a dollar-backed stablecoin by 2027, aiming to compete with crypto-native issuers like Tether and Circle (CRCL). The stablecoin will be pegged 1:1 to the U.S. dollar and designed for institutional and retail uses, with plans to expand into other G7 currencies. The move is seen as a strategic effort to retain deposits within the traditional banking system and leverage blockchain technology for payments and se

Citigroup (C) reported Q2 2026 net income of $5.8B, EPS of $3.15, and ROTCE of 13%, marking its best quarterly revenue in a decade. Revenue grew 9% with double-digit increases in 4 of 5 businesses. The company plans to increase its dividend by 12% and has launched a $30B stock repurchase program.

Twenty-one global financial institutions, including Bank of America (BAC), Goldman Sachs (GS), and Citigroup (C), are forming a company to launch a regulated stablecoin. The initial focus is a U.S. dollar-denominated stablecoin, with plans to expand into other G7 currencies. The stablecoin is expected to launch in the first half of 2027 and will target wholesale, institutional, and retail markets for cross-border payments and digital asset settlements. The venture aims to comply with U.S. and EU

Citigroup analyst Harald Hendrikse sees potential for auto-sector stocks to improve, citing possible positive catalysts. BMW shares rose 1.8% after being assigned a 'Positive Catalyst Watch' status, expecting positive drivers within 90 days. Mercedes-Benz and Volkswagen also gained over 1%. All three have faced significant year-to-date losses due to industry challenges, but Hendrikse notes potential for sentiment improvement from EU rule tightening and upcoming investor events.

The SEC subpoenaed Goldman Sachs, JPMorgan Chase, Citigroup, and Bank of America for details on loans to Situational Awareness, an AI-focused hedge fund that collapsed in July. The fund, which peaked at $30bn-$45bn, borrowed heavily and suffered significant losses. The SEC seeks trade timing and lender communications. Situational Awareness cooperates, and its founder, Leopold Aschenbrenner, is raising new funds.