Citigroup shares fall for a third straight session on Thursday, bank to withdraw from 30 foreign exchange platforms, FT reports

According to a report by the Financial Times earlier this week, citing sources with knowledge of the matter, Citigroup Inc (C) intends to withdraw from 30 foreign exchange platforms.

Citigroup shares closed lower for a third consecutive trading session in New York on Thursday. It has also been the steepest daily loss since October 16th. The stock went down 2.22% ($1.62) to $71.35, after touching an intraday low at $71.33, or a price level not seen since October 21st ($70.52).

Shares of Citigroup Inc have risen 37.05% so far in 2019 compared with a 21.17% 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.

According to the report, Citigroup Inc intends to reduce the number of websites and systems from 45 to 15 by Q1 of 2020. One of the sources noted that such a decision could generate between $5 million and $10 million in cost savings per year.

Analyst stock price forecast and recommendation

According to CNN Money, the 23 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 12.12% upside compared to the closing price of $71.35 on October 31st.

The same media also reported that at least 19 out of 24 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 2 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.