With its international focus and growing securities and banking operations, the bank has other products on its mind. Not only does this reduce costs for Citi, which won’t have to fight with the other banks for new mortgage customers, but it also gives them less exposure to any slowdown in the current housing rebound.
Leave it to Wells Fargo & Co (NYSE:WFC), then, to lead the pack of mortgage originators. Topping the list of underwriters in 2012, the San Francisco-based bank was hit hard when it reported that its new loan activity had slowed when it released earnings Friday. With a few weeks of see-sawing mortgage applications data, it may be a boon for Citigroup Inc (NYSE:C) not to focus its attention on fighting for a spot at the American-mortgage table.
Telling it like it is
It’s often the case that conference calls aren’t the most exciting thing to do in your spare time, but there are usually nuggets of information within the calls that make them very worth your time. In Citi’s case, the executives were forthcoming about their expectations about the continued challenges set by our current economic conditions, as well as other headwinds the bank faces. But most of all, the call showed that there is a very competent set of people running Citigroup Inc (NYSE:C)— making the bank much more likely to steer through the troubled waters it may face in the coming months.
The article 3 Key Quotes From Citigroup’s Earnings Call originally appeared on Fool.com is written by Jessica Alling.
Fool contributor Jessica Alling has no position in any stocks mentioned, but you can contact her here. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.
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