Citigroup investors learned a tough lesson on Tuesday: There's a risk in paying much of a premium for a bank still in turnaround mode.

In the run-up to Citi's fourth-quarter earnings, investors pushed its stock above $5, a nearly two-year high and a 15% premium to tangible book value. After Citi's earnings missed, and tangible book value of $4.45 a share remained practically unchanged, that premium halved.

Heard on the Street: Citi stumbles on the way to recovery

Citigroup investors learned a tough lesson Tuesday: There's a risk in paying much of a premium for a bank still in turnaround mode.

 David Reilly, The Wall Street Journal

Citigroup

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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Top executives at JPMorgan Chase traveled through states including Mississippi and Alabama, where the bank is expanding its reach.

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The U.K. central bank lowered its key rate for the fifth time in a year as it seeks to balance a pickup in inflation against a cooling jobs market.

Bank of England Cuts Rates After Tight Vote

The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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A weekly call turned into a celebration of heroes as staffers comfort one another through lingering trauma.

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Gold prices are climbing as the threat of a U.S. economic slowdown becomes increasingly real.

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The president is expected to sign an executive order as soon as this week that targets what is called debanking of businesses including crypto companies.

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Some fear a decline in the world-leading economic statistics underpinning U.S. markets.

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Big stock awards have grown much bigger for the chief executives of Palantir and Broadcom, driven by dramatic market gains and, in some cases, complex multipliers.

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire

The largest U.S. crypto exchange’s revenue fell short of Wall Street expectations.

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

Wells Fargo to Name CEO Charlie Scharf Chairman

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KKR Posts Higher Revenue, Increases Assets Under Management

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