$C

The article summarizes Q2 earnings for several U.S. banks. Wells Fargo reported $22.7B revenue, up 8.6% YoY, beating analysts’ revenue by 3.9%, and its stock was up 1.6% to $89.09. U.S. Bancorp revenue was $7.76B (+9.9% YoY) with a tangible book value miss; stock up 3.4% to $65.16. PNC revenue was $6.68B (+17.5% YoY) and stock $254.50. Truist revenue was $5.31B (+5.1% YoY) and stock $52.65.

UnitedHealth (UNH), Applied Materials (AMAT), and Citigroup (C) hit fresh 52-week highs. UNH rose 1.58% to $413 intraday after JPMorgan and Mizuho raised price targets. AMAT gained 1.43% to $525.98 after approving a $0.53 quarterly dividend and projecting >30% semiconductor equipment growth. Citigroup rose 1.09% to $135.93 after CFO guidance on market revenue and investment banking fees.

Citigroup (NYSE:C) agreed to acquire rewards startup Kard Financial to expand its consumer engagement and rewards capabilities. The article also says Citi is involved in financing major U.S. power infrastructure projects under the Japan U.S. Strategic Investment Initiative. It frames both moves as part of Citi’s digital transformation and fee-income focus.

Citigroup said in an internal memo seen by InvestmentNews that it will hire Adam Clark, a JPMorgan veteran, as head of wealth planning. Clark has led JPMorgan’s trusts and estates since 2016. He will join Citi in November and report to Keith Glenfield. Citi also announced other wealth hires and a deal with Advyzon.

Citigroup (C) agreed to acquire Kard Financial, a commerce media and rewards technology firm, to expand personalized rewards and merchant-funded offers using transaction data. Citigroup’s U.S. Consumer Cards revenues rose 2.7% to $9.3B in 1H 2026. The deal follows Citigroup’s USCC restructuring and targets mid-single-digit loan and revenue growth and low-20s RoTCE by 2027-2028.

Citigroup CEO Jane Fraser said a strong US CLARITY Act would be “excellent for the system,” while noting unresolved concerns for banks. Citi cut its 12-month Bitcoin target to $82,000 from $112,000 and its Ethereum target to $2,240 from $3,175, citing weak ETF demand and delayed legislation. Bitcoin bulls cite forecasts up to $1 million if the bill passes.

Zacks reports Citigroup (C) shares are up 51.2% over the past year, versus 30.6% industry growth. Analysts have raised earnings outlook after recent earnings beats, with expected 40.5% YoY earnings growth this year and 15.5% in 2027. The article cites divestitures, cost cuts (20,000 jobs by end-2026), and plans for $5B tech investment, plus dividend to 67 cents and a $30B buyback.

Citigroup CEO Jane Fraser said she supports passage of the US CLARITY Act, according to Bitcoin Magazine on Aug. 14. The bill would set a regulatory framework for digital assets and define how the SEC and CFTC share jurisdiction. The comments may be relevant to how crypto regulation could develop in the US.

Citigroup and JPMorgan Chase Bank will co-finance two U.S. gas power plant projects in Pennsylvania and Texas as part of Japan’s $550 billion American funding initiative, according to an announcement. The total financing for the pair is $4.61 billion, marking the first time U.S. banks are involved, according to the report.

Citigroup Inc. said its U.S. consumer cards business agreed to acquire Kard Financial, a commerce media and rewards platform, for undisclosed terms, according to the company. The announcement covers a planned purchase that could affect Citigroup’s card-related offerings and strategy.