Citigroup to launch investment banking division

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Citigroup plans to launch an investment banking arm in the country and deepen its involvement in China’s financial markets, even as rivals grow cautious in the country.

A major U.S. bank plans to launch a wholly owned subsidiary based in China by the end of the year, according to people familiar with the matter. The venture will expand Citi’s China operations, which already include corporate lending and other banking services.

Citi’s securities license application will be conditionally approved in late December, allowing the new unit to begin hiring employees, according to documents posted on the China Securities Regulatory Commission’s website and people familiar with the matter. The decision has been made.

The move comes as other large U.S. banks have become reluctant to operate in China and as Western banks struggle to gain traction there.

Here’s what else I’ll focus on today:

• Revenue guidance: South Korea’s Samsung Electronics and LG Korean Electronics are expected to release fourth-quarter preliminary earnings guidance, with full results expected later this month.

• Fast Retail sales: Last month’s figures are expected to be released today.

• US employment statistics: Investors are keeping an eye on December’s nonfarm payrolls numbers, which will be released on Friday.

Be more financially confident this year by signing up to New six-part newsletter series from Claer Barrett, Consumer Editor of the FT. Claer guides you through managing your budget, buying a home, investing, and saving for retirement. Join us here.

5 more top articles

1. China spent $5.5 million on real estate owned by Donald Trump while he was president., according to a report released yesterday by Congressional Democrats. China was one of 20 foreign governments that spent a total of at least $7.8 million to Trump-owned companies during the Trump administration. Learn the key takeaways from the 156-page report.

• More on US politics: Donald Trump asked the U.S. Supreme Court to reverse a decision to ban him from Colorado’s presidential primary ballot, a day after appealing another similar action by Maine’s secretary of state.

2. IIS claimed responsibility for two bombings in southern Iran on Wednesday. Almost 100 people were killed in the Islamic Republic’s deadliest attack in decades. The statement, posted on an ISIS-affiliated Telegram channel, claimed that two suicide bombers killed scores of “polytheistic” Shiite Muslims in their explosions. Please read the full text.

• Middle East tensions: The US military killed a senior commander of an Iranian-backed militia in Iraq, calling an airstrike on the group’s logistics headquarters in central Baghdad “in legitimate defense” after the group launched an attack on Americans. ” was said to have taken place.

3. China’s services sector activity expanded at the fastest pace in five months in December, according to a widely watched private study. The economic expansion offers some optimism as policymakers in Beijing seek to stimulate a sluggish recovery in the world’s second-largest economy. This is the 12th consecutive month of increased activity. Read what our analysts have to say.

4. Rishi Sunak has suggested that the UK general election will be held in the autumn. He said his “working assumption” was that Britain would go to a vote “later this year”. Mr Sunak also used his comments yesterday to hint at future tax cuts and criticize Labour’s green infrastructure spending plans.

Five. newly opened courtroom document A new glimpse into the terrifying world of late sex offender Jeffrey Epstein And his interactions with powerful people, from Wall Street figures to former President Bill Clinton and Britain’s Prince Andrew. Here’s what we found in documents released late Wednesday in New York.

How well have you been keeping up with the news this week? Let’s take the quiz.

big reading

After all, 2023 was a reminder that most years will be a mix of the surprising and the predictable. The year went on as if the pandemic never happened. Markets soared, but the widely expected global recession never materialized. But not all pure contrarian bets paid off. Europe’s economy has fallen further behind the US, with US tech giants once again leading the way. What trends will emerge this year? Ruchill Sharma shares his top 10 predictions for 2024.

I’m also reading. . .

chart of the day

China’s BYD, once ridiculed by Elon Musk, is now the world’s largest maker of battery-powered cars. The story of Wang Chuanfu, the professor-turned-executive who has driven BYD’s rise over the past decade, has become gospel in Chinese business schools. Edward White and Peter Campbell profile the man known simply as “The Chairman.”

Take a break from the news

Don’t miss this beautifully written story published in HTSI’s Body Issue. “The most inspiring footballers are not simply those who form an ethereal alliance with the ball itself, but, as the philosopher Simon Critchley has observed, those who interpret it expertly, A player who operates with foresight.’The universe,’ writes Laura Seaton.

Additional reporting by Tee Zhuo and emily goldberg