Citigroup shares fall for a third straight session on Monday, Kaleem Rizvi appointed as corporate banking head for APAC area

According to a report by Reuters, citing a Citigroup Inc memo sent to staff, the Wall Street bank has appointed Kaleem Rizvi as head of its corporate banking business in the Asia Pacific area, effective May 1st.

Citigroup shares closed lower for a third consecutive trading session in New York on Monday. The stock went down 0.88% ($0.40) to $45.12, after touching an intraday low at $44.00, or a price level not seen since April 27th ($43.75).

Shares of Citigroup Inc have retreated 43.52% so far in 2020 compared with a 12.01% loss for the benchmark index, S&P 500 (SPX).

In 2019, Citigroup Inc’s stock went up 53.46%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

Rizvi is to replace Gerald Keefe, whom the bank promoted in February to a global role in its treasury and trade solutions division.

Having joined Citi in 1996, Kaleem Rizvi is the group’s corporate and investment banking head for the Andean, Central American and Caribbean cluster.

Meanwhile, Citi appointed Christie Chang as its APAC Chairman of corporate banking. Currently, she heads Citi’s Taiwan banking, capital markets and advisory, and is also president of Citibank Taiwan Ltd.

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 $56.75, with a high estimate of $96.00 and a low estimate of $39.40. The median estimate represents a 25.78% upside compared to the closing price of $45.12 on May 4th.

The same media also reported that at least 17 out of 24 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 5 – as “Hold”.