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香港课程作业:缘何花旗银行无法达成预期目标

论文作者:meisishow论文属性:课程作业 Coursework登出时间:2014-08-13编辑:meisishow点击率:2424

论文字数:1035论文编号:org201408101140266890语种:英语论文 English地区:澳门价格:免费论文

关键词:花旗预期目标target美联储高盛股东权益的回报率

摘要:花旗银行(Citibank, N.A.,中文名“花旗”源于上海市民对该行的习惯性称呼)是花旗集团属下的一家零售银行,其主要前身是1812年6月16日成立的“纽约城市银行”(City Bank of New York),经过近两个世纪的发展、并购,已成为美国最大的银行,也是一个在全球近一百五十个国家及地区设有分支机构的国际大银行,总部位于纽约市公园大道399号。

花旗想要达成2015年的目标是越来越不可能了,这个目标是首席代表迈克•科尔巴在第三大银行进行责任制改进时所发表的战略。


这家银行在上个月没有将股东的资本安全返还到美国许可的银行之中,所以接下来的两年之内银行不得不返还250亿美元的股东资本来达到2015年所制定的预期目标,该目标的核对心就是预计普通股本的收益率达到10%。


这些数学本身就具备挑战性,对于银行人员来说这是一个非常明显的错误。高盛经济分析师理查德说到。


股东权益的回报率被投资者及分析师密切关注着。


在美联储拒绝股份回购和股息计划之前,高盛已经估计花旗可能只能分发150亿美元股息,缺额大概100亿美元。


Citigroup is increasingly unlikely to meet a 2015 target that is central to chief executive Mike Corbat’s strategy of improving accountability at the US third-biggest bank.


The bank, which last month failed to secure Federal Reserve approval for its plans to return capital to shareholders, will have to return nearly $25bn in capital over the next two years to meet its 2015 target of 10 per cent return on tangible common equity, according to Goldman Sachs estimates.


“Mathematically it’s very challenging, this is a very clear setback for them,” said Richard Ramsden, Goldman Sachs analyst.


The return on equity measure is watched closely by investors and analysts.


Before the rejection of its share buyback and dividend plans by the Fed, Goldman had estimated Citi could only return $15bn, for a shortfall of about $10bn.


The Fed’s judgment that Citi is only authorised to maintain 2013’s rate of dividend payments and share buybacks has widened that gap to more than $17bn.


Chief financial officer John Gerspach told a conference last month: “Our target clearly requires increasing the amount of capital returned to our shareholders in the coming years, subject to regulatory approval.”


Citi is yet to resubmit fresh capital return plans to the Fed, which could narrow the gap at a later date if it secures authorisation. The bank declined to comment.


Meeting its midterm financial targets is an important part of the bank’s rehabilitation after taking a government bailout in 2008 and appointing four chief executives in just over a decade. It is also an important test for Mr Corbat, who was appointed in 2012 after Vikram Pandit was ousted.


The measure is calculated by dividing net income by tangible common equity – which excludes goodwill and other intangibles. In this case, consensus net income estimates were used for 2014 and 2015 to project the potential shortfall.


Returning more capital would have shrunk the denominator, helping to improve returns. The bank can still try to increase earnings, for example by accelerating its restructuring plans, to increase the numerator and help lift returns.


As part of Mr Corbat’s role-defining March 2013 speech, he laid out a set of core targets including a return on tangible common equity of at least 10 per cent by the end of 2015. He has also set expectations for a return on assets of at least 90 basis points and an efficiency ratio in the mid 50s per cent.


In 2013, it recorded an 8.2 per cent return on tangible common equity, a return on assets of 72 basis points and an efficiency ratio of 59 per cent.


The bank had wanted to increase its sha论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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