In this Nov. 19, 2017, file photo, Citigroup Inc. CEO Vikram Pandit looks over a computer screen at a bank of monitors during a news conference in New York.
The bank of bank monitors is one of several that have been installed at the Citigroup headquarters in New London, Conn.
Pandit has said the bank of more than 5,000 monitors is being installed as a way to diversified the firm’s holdings and could help reduce the risk of a bank running into trouble.
In addition to the monitors, Pandit is also installing a new system that will allow for the creation of a “new bond fund,” which will offer investors greater flexibility when it comes to managing their money, Pandits spokesman, Michael Pappas, said in a statement.
The new fund is expected to launch by the end of this year and could potentially be traded in the securities markets.
Pappases spokesman said that the new fund will offer a range of products and options for investors, including a diversified portfolio that is diversified by asset class, size and other factors.
Pandits portfolio was initially designed with a focus on the bonds of the S&P 500, which has been the benchmark for U.S. stocks for decades.
The portfolio’s latest portfolio update, released last month, showed a solid return to growth and strong fundamentals, and also showed a return to the S-shaped price curve.
The latest version of the fund has an estimated value of about $7 billion, according to Pandits website.
Citigroup shares have gained more than 80% this year.
The firm has also added some of the world’s largest private banks and has added some more public banks to its portfolio.
Citigorp has invested in some of Wall Street’s biggest names, including Goldman Sachs Group Inc., Morgan Stanley & State Street Corp. and Bank of America Corp., among others.
Wall Street investors are betting the bank’s stock will go up and down based on its ability to help steer banks through the crisis.
In an interview last week, Pandi said that while he expects his firm’s bond portfolio to grow over time, he does not believe the company’s risk-weighted return of the bonds will continue to grow at the same rate as its overall performance.
The company has reported quarterly earnings of $0.06 per share for the last nine months, up from $0,018 per share in the same period last year.
Pandi has not provided an explanation for the firms performance.
Wall St. analysts expect the S+P 500 to return to a range between 7,000 and 7,500 over the next two years, down from 7,900 for the current quarter.
For the first time since 2009, the S=P 500 has posted a decline in the value of its benchmark index.
Citicorp shares closed down 0.5% at $27.50. – Reuters