According to a report by Reuters, citing an internal memo by Citigroup Inc (C), the Wall Street bank has appointed Peter Babej, currently the global head of its financial institutions group, as its next Chief Executive Officer for the Asia Pacific region.
Babej has taken part in several Asia-focused merger and acquisition transactions in the financial industry and is to assume the new role immediately.
Citigroup shares closed higher for the eighth time in the past fourteen trading sessions in New York on Thursday. The stock edged up 0.14% ($0.10) to $69.60, after touching an intraday low at $69.18, or a price level not seen since October 15th ($68.70).
Shares of Citigroup Inc have risen 33.69% so far in 2019 compared with a 19.59% gain for the benchmark index, S&P 500 (SPX).
In 2018, Citigroup’s stock went down 30.04%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
Being at present based in New York, Babej is to move to Hong Kong and succeed Francisco Aristeguieta, who parted ways with Citigroup earlier in 2019 and assumed the role of CEO of State Street Corp’s international business.
According to the memo sent to employees by Citigroup’s Chief Executive Officer Mike Corbat, Peter Babej became part of Citi’s team in 2010. Previously, he held senior banking positions at Deutsche Bank and investment bank Lazard.
“He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption,” the Chief Executive noted in the memo.
Analyst stock price forecast and recommendation
According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $80.00, with a high estimate of $109.00 and a low estimate of $52.00. The median estimate represents a 14.94% upside compared to the closing price of $69.60 on October 17th.
The same media also reported that at least 18 out of 24 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 3 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.