Citigroup (C) has entered into a strategic deal with Taskize Limited under which custody clients of Citi Securities Services will leverage Taskize’s query management platform to establish a direct connection with their Citi Operations counterparts.
According to the investment bank, this partnership combines Taskize’s structured workflow capabilities with Citigroup’s proprietary custody network, which covers over 60 markets. Markedly, operational workflow challenges will be catered through the network created between Citigroup, its counterparts and various market infrastructures.
Citigroup’s custody clients will now use Taskize’s user interface to directly contact their operational counterparts for their queries and have quick resolutions.
Through this agreement, Citigroup provides innovative solutions to clients with low risks. The Taskize platform streamlines costly counterparty workflows across buy-sides, sell-sides, custodians, market infrastructures and FinTech providers, without risking data sovereignty, the company said in a release.
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The Global Head of Custody Product Development at Citigroup, Jeffrey King, said, “This partnership is based on a shared vision of secure inter-company workflows for query management and to move away from email chains between operational counterparts. By leveraging Taskize’s email management, flexible API integration and traceability on queries with fully auditable workflow, our custody clients will be able to gain greater insight into the status of their queries.” (See Citigroup stock charts on TipRanks)
On November 8, Jefferies analyst Ken Usdin maintained a Buy rating on the stock and a price target of $87 (29.31% upside potential).
Usdin expects Citigroup to record earnings of $2.17 per share for the fourth quarter of 2021.
Consensus among analysts is a Strong Buy based on 4 Buys versus 1 Hold. The average Citigroup price target of $85.40 implies 26.93% upside potential from current levels. Shares have gained 17.9% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 96% Bullish on C, compared to a sector average of 70%.
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