Citigroup (C) Might Get a Role in OpenAI IPO

Citigroup Inc. (NYSE:C) is one of the Best Low Cost Stocks to Buy According to Hedge Funds. On May 29, Bloomberg reported that OpenAI had held early discussions with Citigroup Inc. (NYSE:C) and JPMorgan Chase about roles in its upcoming IPO.

​Although the talks are still in the early stages, two banks are expected to potentially join Goldman Sachs and Morgan Stanley, which are already working on preparations for the listing. OpenAI is expected to file confidentially for its IPO within weeks, with the actual offering potentially arriving later this year. The listing is expected to follow SpaceX’s highly anticipated debut, which is projected to be the largest IPO of all time at a $75 billion valuation.

In separate news, Reuters on May 22 reported that Citigroup Inc. (NYSE:C) plans to allocate a significant share of its global wealth management hiring to Asia. This is because Citi’s private bank is growing the fastest and generating more productivity in Asia compared to the other operating regions.

​The report noted that the bank also recently announced its plans to hire around 100 private bankers and almost 400 other specialists globally. The head of global wealth, Andy Sieg, noted that Asia already accounts for about 35% of Citi’s global wealth revenue, generating around $3 billion in 2025. The region spans Japan, Australia, and both North and South Asia. Moreover, the bank has set ambitious return targets for its wealth unit, aiming for a return on tangible common equity of 15% to 20% by 2027 and 2028.

​​​Citigroup Inc. (NYSE:C) is a global financial services giant offering a wide range of products through segments like Services, Markets, Banking, Wealth, and U.S. Personal Banking.

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