Citigroup Expands Withdrawal from Russia

The bank vowed not to pursue any new business in the country

Deputy Editor
Mar 14, 2022 at 11:16 AM
facebook twitter linkedin


Citigroup Inc (NYSE:C) is in focus today, after news that the bank plans to expand its withdrawal from Russia, after previously announcing plans to sell its consumer business there. Of the major U.S. banks, Citi had the largest presence in Russia, but has vowed not to pursue any new business in the country. Wells Fargo cut C's price target to $70 from $80 earlier, citing the company's exposure to Russia.

Citigroup stock has been underperforming on the charts, down 26.9% year-over-year. The descending 10-day moving average has guided C lower since early February. Up 1.7% at $55.06 at last check, the stock is still struggling to distance itself from its March 10, 15-month low of $53.96.

Now might be a good time to weigh in on C's next move with options. The stock's Schaeffer's Volatility Scorecard (SVS) sits at an 89 out of 100, meaning the security has exceeded option traders' volatility expectations during the past calendar year.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners