Two hours after the opening bell, Citigroup Inc. (NYSE:C) is already up a healthy 1.36%, following in the footsteps of the rest of its peers. Last Friday’s heartening jobs data is no doubt largely behind this big-bank rally, but Citigroup Inc. (NYSE:C) may have something extra up its sleeve, as well.
Happy investors, happy banks
But first, here’s a look at Citigroup Inc. (NYSE:C)’s peers on this Monday in the markets:
- Bank of America Corp (NYSE:BAC) is up a big 2.29%.
- JPMorgan Chase (NYSE:JPM) is up 1.03%.
- And Wells Fargo & Company (NYSE:WFC) is up 0.33%.
Foolish bottom line
All of the big-four banks, save for JPMorgan, got a boost on Friday with the better than expected April jobs numbers coming out of the Department of Labor. JPMorgan had its own issues going on last week, which overwhelmed Friday’s good news. More on that here, if you’re interested.
That jobs-based rally is very likely what’s primarily behind Citigroup Inc. (NYSE:C)’s upswing today, but there’s also interesting news out of the bank’s human-resources department that investors may be happy to see. I know I am.
The Wall Street Journal is reporting that Citigroup Inc. (NYSE:C) has hired UBS AG (NYSE:UBS)‘s Aidan Allen to head its “general industrials and financial sponsors” in Sydney. Allen is a private-equity specialist who’s had his hand in some important deals.
His hiring is yet another sign the bank is moving and growing in new potentially profitable ways. In this case, it’s showing the bank is serious about its investment-banking line of business. It’s also another sign that CEO Michael Corbat is being proactive and thinking long term about the superbank. I’m a fan of Corbat, and moves like this just make me more so.
But always remember, Foolish readers, that investing Foolishly is all about investing for the long term: buy-and-hold investing. Not only is unnecessary to check in on your stocks every day, there’s growing evidence that this can be harmful to the performance of your portfolio.
Check in on your investments once a month, or even once a quarter. Stay focused on the fundamentals of the companies you’re invested in, and leave the daily ticker check-ins to the day traders.
The article Why Citibank Is Up Today originally appeared on Fool.com.
Fool contributor John Grgurich owns shares of Citigroup Inc. (NYSE:C) and JPMorgan Chase. Follow John’s dispatches from the bleeding heart of capitalism on Twitter @TMFGrgurich. The Motley Fool recommends Wells Fargo & Company (NYSE:WFC). The Motley Fool owns shares of Bank of America Corp (NYSE:BAC), Citigroup, JPMorgan Chase, and Wells Fargo & Company (NYSE:WFC).
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