Citigroup overtook Goldman Sachs as the world's top bookrunner for initial public offerings, by deal value in 2023, according to Dealogic data, even as some investors questioned whether its rich dividend payouts were sustainable amid a choppy deals market.
Despite its success in capturing new issues, Citi faces scrutiny from some analysts and shareholders over whether it can maintain both its current dividend policy and its strengthened position in global equity capital markets if deal activity weakens further.
