Citi shares pop 3% on first investor day since financial crisis

Drew Angerer | Bloomberg | Getty Images

Michael Corbat, chief executive officer of Citigroup Inc.

Citi shares rose 3 percent in opening trade Tuesday as the financial firm began its first investor day since May 2008, just before the financial crisis.

“As you know, it has been a while since we have hosted an Investor Day,” Citi CEO Michael Corbat said in prepared remarks Tuesday.

“Some people have asked why now? We chose this time because we, the management and our board, believe Citi has crossed an inflection point,” he said. “We are now clearly on a path to both growth and stronger returns.”

The bank will reach an 11 percent return on tangible common equity by 2020, according to a slide from CFO John Gerspach’s presentation.

Citi shares 2-day performance (extended hours)

Source: FactSet

Corbat noted the firm has “returned to growth in Asia and Mexico Consumer.”

Citi shares closed at $66.10 a share Monday, up 11 percent for the year but still far below the $591.25 price hit in August 2000, according to FactSet.