Citigroup Inc. hosted its annual investor day this week, with a big push from CEO Jane Fraser to redefine how it's biggest segment, services, is valued. Apparently, it worked, as Morgan Stanley analysts today pinned the value of Citi's services segment, which includes many of the payment rails that connect global finance, to about $56 billion ($30 per share)—nearly half the bank’s entire value. Citi’s market cap is currently $115.8 billion.
The segment, which includes what Citi calls Treasury and Trade Solutions such as liquidity management, and Securities Services, like custody and fund services, transacts about $5 trillion a day for clients including Microsoft, Walmart, and Stripe according to the Morgan Stanley report.
