Citi eyes China brokerage unit licence as soon as this month, sources say

Citigroup Inc. is being sued by Franceska Herrera for allegedly using tracking pixels to intercept website visitors' communications without consent, according to Top Class Actions. The complaint claims the bank used the data for behavioral profiling and targeted advertising, violating privacy laws. Herrera seeks damages and injunctive relief. Similar lawsuits have been filed against other companies.

Citigroup is adding Elizabeth McElherne and Michelle Pryor to its wealth management business. McElherne, with 17 years of experience, will lead the AIMS platform. Pryor will head the investment counselor team for the Central Region. Citi's wealth revenue grew 13% YoY to $3.2B in Q2 2026, with net income up 51% to $583M, marking nine consecutive quarters of growth.

G20 members endorsed responsible digital asset innovation, emphasizing economic growth and clear regulatory pathways. They await Financial Stability Board findings on stablecoins and cross-border payments. 21 banks, including Goldman Sachs (GS), Citi (C), and Bank of America (BoFA), plan to launch a stablecoin enterprise by 2027, complying with U.S. and EU regulations. Circle (CRCL), issuer of USDC, saw a 1% price drop in pre-market trading.

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.