Citigroup shares close lower on Monday, bank appoints Robin Rousseau as Vice Chairman of Investment Banking for EMEA

According to a report by Reuters, citing a corporate memo, Citigroup Inc (C) has appointed Robin Rousseau as its new Vice Chairman of Investment Banking for Europe, the Middle East and Africa (EMEA).

He is expected to report to Philip Drury, the head of Citigroup’s banking, capital markets and advisory business across EMEA.

Citigroup shares closed lower for the sixth time in the past ten trading sessions in New York on Monday. The stock went down 2.22% ($1.16) to $51.12. The latter also was the intraday low and a price level not seen since August 27th ($50.67).

Shares of Citigroup Inc have retreated 36.01% so far in 2020 compared with an 8.34% gain 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.

Robin Rousseau will be based in Paris and will take responsibility of Citi’s French client franchise. He will also provide financial advisory across EMEA.

Having 26-year experience in the banking industry, Rousseau previously was head of Mergers and Acquisitions for EMEA at Deutsche Bank. He had also worked at Goldman Sachs and Morgan Stanley.

Analyst stock price forecast and recommendation

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $66.50, with a high estimate of $106.00 and a low estimate of $46.00. The median estimate represents a 30.09% upside compared to the closing price of $51.12 on August 31st.

The same media also reported that at least 20 out of 26 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.

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