Eventually, bank stock Citigroup (NYSE:C) will be down to a skeleton crew, and theoretically, its shares will be worth about as much as humanly possible. However, in an unexpected twist, Citigroup shares are down modestly in Thursday afternoon’s trading despite potential plans to cut jobs in the wealth-management field.
The newest reports note that Citigroup is looking to drop 51 positions from its wealth management business in the UK, which is just over 10% of the 485 people in that unit currently. It looks like they’re planning to cut higher-end positions, too, ditching roles from “assistant vice president” to “director.” Further, 21 jobs in the private bank operation could also be on the block. That’s actually separate from the wider cuts that Citigroup has been engaging in lately, reports note.
Is Citigroup a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Citigroup stock based on eight Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 12.76% rally in its share price over the past year, the average Citigroup price target of $60.94 per share implies 13.17% upside potential.
