C - Citigroup Inc.

NYSE - NYSE Delayed Price. Currency in USD
70.10
+1.48 (+2.16%)
At close: 4:01PM EDT
Stock chart is not supported by your current browser
Previous Close 68.62
Open 69.99
Bid 0.00 x 800
Ask 0.00 x 1200
Day's Range 69.99 - 70.93
52 Week Range 48.42 - 73.08
Volume 14,928,688
Avg. Volume 13,692,828
Market Cap 158.36B
Beta (3Y Monthly) 1.89
PE Ratio (TTM) 9.75
EPS (TTM) N/A
Earnings Date N/A
Forward Dividend & Yield 2.04 (2.97%)
Ex-Dividend Date 2019-08-02
1y Target Est N/A
Trade prices are not sourced from all markets
  • The Next Generation of Global Business: Raymond McGuire, Citigroup vice chair
    Yahoo Finance Video

    The Next Generation of Global Business: Raymond McGuire, Citigroup vice chair

    Raymond McGuire, Citigroup vice chair, discusses his career, how Wall Street has changed since the Financial Crisis, the uneven recovery and political polarization.

  • Citigroup's Raymond McGuire on his longtime career at Citi
    Yahoo Finance Video

    Citigroup's Raymond McGuire on his longtime career at Citi

    Citigroup's global head of corporate & investment banking Raymond McGuire told Yahoo Finance how he got his start at Citi, and what he's done since, as the longest standing head in his position.

  • Citigroup Reports Earnings With Stock in Trading Range
    Investopedia

    Citigroup Reports Earnings With Stock in Trading Range

    The money center bank will look to continue its 18-quarter streak of beating EPS estimates when it reports results on Oct. 15.

  • What to Expect for the Markets This Week
    Investopedia

    What to Expect for the Markets This Week

    The aftermath of Phase One of the trade talks and earnings season begins are just some of the events that will impact stock markets this week.

  • 'Like a red herring': Why one CIO says earnings are irrelevant this year
    Yahoo Finance

    'Like a red herring': Why one CIO says earnings are irrelevant this year

    Earnings season for banks begins Oct. 15, when J.P. Morgan Chase, Citigroup and Wells Fargo are scheduled to announce their Q3 results. However one CIO says earnings are not the focus in the market.

  • Trade war pause, retail sales, bank earnings – What to know in the week ahead
    Yahoo Finance

    Trade war pause, retail sales, bank earnings – What to know in the week ahead

    The coming week’s docket of economic reports and earnings releases comes just following the Trump administration’s announcement of a partial trade deal with China late last week.

  • GuruFocus.com

    US Indexes Close Higher Friday With Phase One China Trade Deal

    S&P; 500 up 18.5% for the year Continue reading...

  • Bank earnings preview: 'Chipping away' at expenses amid a tough environment
    Yahoo Finance

    Bank earnings preview: 'Chipping away' at expenses amid a tough environment

    Earnings season kicks off next week with the big banks reporting first. Analysts say the key for earnings at the large financial institutions will be expense control.

  • Barclays CEO Jes Staley on his bank's stock: 'It's undervalued'
    Yahoo Finance

    Barclays CEO Jes Staley on his bank's stock: 'It's undervalued'

    On Thursday, Barclays CEO Jes Staley called pressure on the stock “deeply frustrating,” citing three causes for its poor performance: Brexit, low interest rates, and lingering regulatory measures that stemmed from the financial crisis.

  • Citi pays $30 million fine to settle real-estate violations: regulator
    Reuters

    Citi pays $30 million fine to settle real-estate violations: regulator

    Citibank has agreed to pay a $30 million fine to settle charges of repeated violations of real estate holding rules and for failing to meet its commitment to take corrective actions, the U.S. Office of the Comptroller of the Currency (OCC) said on Friday. Federal law limits the time a national bank may hold foreclosed and "other real estate owned" (OREO) assets. In 2015, Citi said it lacked adequate processes to effectively monitor the holding period, and committed to developing and taking corrective actions, but it did not do so, the OCC said.

  • It's all about earnings for investors
    Yahoo Finance

    It's all about earnings for investors

    The stock market may be on a trade-talk induced high, but market analysts say a sustainable rally can’t be supported without fundamental strength in earnings.

  • Consumer Loans, Mortgages to Aid JPMorgan (JPM) Q3 Earnings
    Zacks

    Consumer Loans, Mortgages to Aid JPMorgan (JPM) Q3 Earnings

    Decent consumer loan growth and rise in mortgage refinancing are expected to support JPMorgan's (JPM) Q3 results amid lower interest rates.

  • Muted Trading Activities to Hurt Goldman's (GS) Q3 Earnings
    Zacks

    Muted Trading Activities to Hurt Goldman's (GS) Q3 Earnings

    Muted trading activities are likely to have marred Goldman's (GS) third-quarter earnings.

  • Will Mortgage Banking Aid Wells Fargo's (WFC) Q3 Earnings?
    Zacks

    Will Mortgage Banking Aid Wells Fargo's (WFC) Q3 Earnings?

    In a reversal in trend, Wells Fargo's (WFC) mortgage banking performance is projected to have improved in the July-September quarter. However, ongoing litigation hassles may escalate the bank's expenses.

  • Strong Consumer Banking to Support Citigroup (C) Q3 Earnings
    Zacks

    Strong Consumer Banking to Support Citigroup (C) Q3 Earnings

    Revenues from consumer banking business are expected to lend support to Citigroup's (C) Q3 performance. Decline in trading and investment banking revenues might reflect on bottom-line numbers.

  • Financial Times

    Citigroup names new global co-heads of equity capital markets

    Citigroup has named Douglas Adams and James Fleming its new global co-heads of equity capital markets (ECM), the unit that helps companies raise money on public stock exchanges, according to a memo seen by the Financial Times. Refinitiv data show ECM fees have fallen 16 per cent industry-wide this year, and WeWork’s failed IPO and sharp post-listing declines from others like Peloton are expected to deter other companies from testing the market in the coming months. Citigroup is one of the top-five equity-underwriting banks worldwide, according to industry monitor Coalition.

  • Tencent Gets ‘Wakeup Call’ From China’s Assertions of Patriotism
    Bloomberg

    Tencent Gets ‘Wakeup Call’ From China’s Assertions of Patriotism

    (Bloomberg) -- Tencent Holdings Ltd. can’t get a break.The National Basketball Association, Activision Blizzard Inc. and now one of its most important portfolio companies, Fortnite proprietor Epic Games Inc., have all sparked political controversy at a time of increasingly assertive Chinese nationalism online.A tweet by an NBA executive expressing support for Hong Kong protesters drew the ire of Beijing, throwing into question the billions Tencent has invested in the U.S. sports league. Then Blizzard, partly owned by Tencent, banned a gamer for endorsing Hong Kong’s pro-democracy movement, triggering a boycott of the company’s games for its apparent kowtowing to China. Most recently, Epic Chief Executive Officer Tim Sweeney tweeted his disagreement with the Blizzard action, eliciting calls for a boycott of its Fortnite game among Chinese players incensed by the perceived slight.At stake for Tencent are billions of dollars in ad and subscription revenue, along with its entire strategy of becoming a go-to destination for NBA broadcasts. Tencent had almost half a billion basketball aficionados tune in last season. That audience is now in jeopardy after Tencent halted game broadcasts in the wake of the Hong Kong controversy.“It’s a big wakeup call for Chinese tech companies,” said Mark Tanner, founder of Shanghai-based research and marketing company China Skinny.Tencent had just inked a $1.5 billion, five-year deal to stream NBA games online in China. Its suspension of broadcasts followed a similar move by state-backed CCTV.Tencent uses the online streams to sell ads, and the gargantuan scale of the audience drives its marketing business, which is expected to be a key driver of Tencent growth going forward. To spruce up its investment, Tencent has been developing memorabilia, entertainment shows and video games based on the NBA.“Advertising of Tencent sports will likely take a hit. NBA is the star of Tencent sports, so it could cause a contract of Tencent’s advertising growth further,” said Michael Norris, a Shanghai-based research and strategy analyst at consultancy AgencyChina.NBA China Woes Threaten Billions of Dollars, Decades’ WorkA single tweet from the Houston Rockets’ general manager supporting Hong Kong’s protesters was enough to spark a chain reaction, including an abridged history lesson by Alibaba Group Holding Ltd. Vice-Chairman Joe Tsai, majority owner of the Brooklyn Nets. Alibaba has also yanked Rockets merchandise from its online stores, causing harm to both the NBA and Alibaba’s bottom line.After initially apologizing, the league went on to express its support for staff’s freedom of political expression via a statement by Commissioner Adam Silver. That sparked another round of fury in China, threatening to prolong the clash and the blackout.The Chinese company’s shares have held up well so far, despite warnings from analysts including Citigroup’s Alicia Yap that the streaming freeze will hurt Tencent’s media ad revenue -- particularly if it extends into the regular season.But there’s more trouble ahead: Tencent’s gaming portfolio is spurring controversy too. For years, the WeChat operator took a hands-off approach with the startups and studios across its empire, reaping the benefits of importing Western content and technology for a vast Chinese market. Now the two are increasingly at odds, and Tencent is beginning to realize the downside to its passive approach.Blizzard’s stern reprimand of the pro-Hong Kong player was popular in China, but drew outrage from the U.S. to South Korea. Online, gamers called for a boycott of the company and proudly posted their cancellations.Then Epic CEO Sweeney jumped into the crossfire, explicitly giving Fortnite players the green light to discuss politics. The game maker is 40% owned by Tencent, but Sweeney is the controlling shareholder.His statement earned accolades in the U.S., but was shunned in China. “Tencent why are you not holding your dog on a leash? They are biting you in your face,” one person wrote on Weibo. Tencent spokeswoman Jane Yip didn’t respond to a request for comment.With its investments in Epic and Blizzard, Tencent has its brand on the line -- but little control.“Never have we seen this policing of China companies being extended to subsidiaries,” said Norris. “And that’s what Tencent is having to grapple with.”Over the years, Tencent and Alibaba have worked hard to remain on the good side of Beijing, with Tencent recently launching a patriotic game called Homeland Dream in time for the People’s Republic of China’s 70th anniversary celebrations. Both have also been called out by name in Senator Marco Rubio’s letter to President Trump as examples of how Chinese companies are used as tools to help “coerce American companies and American citizens to bend to Beijing’s will.”With its growing exposure to international markets and regulation, Tencent finds itself in the middle of a maelstrom of political, economic and cultural grievances. Eight Chinese companies -- two of which are backed by Alibaba -- were this week placed on a U.S. blacklist for allegedly being involved in human rights abuses of a Muslim minority in China’s Xinjiang region. That follows the Washington government’s discussion about whether to restrict pension fund investments into China.Tencent and the rest of China’s technology companies now have to consider risks they’ve never faced before.“They’re realizing they may not have as many friends as they thought they had across the Pacific,” said Tanner of China Skinny.(Updates with shares from the 11th paragraph)To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad Savov, Peter ElstromFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • SAP Makes Surprise Leadership Change as CEO McDermott Steps Down
    Bloomberg

    SAP Makes Surprise Leadership Change as CEO McDermott Steps Down

    (Bloomberg) -- SAP SE named executives Jennifer Morgan and Christian Klein as the successors to Chief Executive Officer Bill McDermott, who’s stepping down after leading Europe’s largest software company during a decade of major industry changes.The two SAP veterans will become co-CEOs effective immediately, the company said Thursday in a statement. McDermott, 58, will remain at the company in an advisory role through the end of the year.Shares of SAP rose as much as 8.4% in Frankfurt on Friday, the most since April, and are up 31% for the year.Morgan, 48, who joined SAP in 2004, most recently served as president of the software giant’s cloud business group. She became the first American woman appointed to SAP’s executive board in 2017 when she was named president of the Americas and Asia. Klein, 39, joined SAP as a student in 1999 and has been chief operating officer since April 2016, and on the executive board since 2018.McDermott’s departure was unexpected, but the new co-CEOs were on investors’ “short-list” to take over in future, Citigroup analysts including Walter Pritchard said in a note.“The decision was made based on my determination that 10 years is a long time to be CEO,” McDermott said on a conference call after the announcement. “You get to the point when you have done what you set out to do and then some.”McDermott joined Walldorf, Germany-based SAP in 2002 and was the first American to hold the CEO position at the firm. He embraced cloud computing, changing the way SAP sold software so customers could use it over the internet. He’s been transitioning the company through acquisitions and revamped products, challenging rivals Salesforce.com Inc. and Oracle Corp.While SAP had pledged to triple cloud revenue by 2023, the effort has shown mixed results and the company has pushed to shore up profit margins with the support of activist investor Elliott Management.Earlier, SAP reported preliminary third-quarter revenue and profit that topped analysts’ estimates. Cloud bookings, a key metric in the company’s transition, increased 33% on a constant currency basis, more than double the pace of the second quarter, the company said.SAP’s 3Q results “will likely be received positively and we’d expect will drive a relief in shares,” Citi said in its note.McDermott cited the strong results as a reason for the timing of the leadership change, saying he wanted to give his successors the reins while the company is at “maximum strength.”Morgan said she was only three hours into her tenure so didn’t know what changes she might push for, but expressed optimism in the leadership structure.“I’m a very big believer that when two people come together, you can really get a lot done,” she said on the conference call.McDermott said he was uncertain about his future plans.“I will do something at some point,” he said. “But today’s SAP’s day. There is no doubt in my mind the future of SAP is even brighter now.”(Updates with comments, context and shares throughout.)\--With assistance from Joe Easton.To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Rich Russians Buy Up U.S. Treasuries That Kremlin Doesn’t Like
    Bloomberg

    Rich Russians Buy Up U.S. Treasuries That Kremlin Doesn’t Like

    (Bloomberg) -- Russian President Vladimir Putin’s moves to ditch dollar assets in the face of deepening tensions with the U.S. don’t seem to be making much of an impression on the nation’s rich.While the Russian central bank has cut its Treasury holdings to a 12-year low since 2018, Citigroup Inc.’s wealthy clients in Moscow have been shifting money into U.S. debt.“Previously, there was no demand for American government bonds at all, but now we see people want to buy them in various forms,” said Mikhail Znamenskiy, head of the investment products and financial consulting department. “Rich clients clearly are moving away from risk.”The portfolio of an average client with at least 60 million rubles ($930,000) now has 22% allocated to developed-market fixed income, up from about 10% a year ago, according to the bank’s local unit. The bank has well over 500 such clients in Russia, it said, without specifying exact numbers.The shift shows that the Kremlin’s move to “de-dollarize” the Russian economy and lower its vulnerability to U.S. sanctions isn’t being mirrored in private accounts. By ignoring geopolitics, Citibank’s clients avoided a sell-off in risky assets this year and mopped up returns from a rally in Treasuries.Znamenskiy said there’s also appetite among Citibank’s wealthy clients for developed-market high-yield bonds with 3-5 year maturities, and for U.S. equities, including in the healthcare, robotics and artificial intelligence sectors.\--With assistance from Jake Rudnitsky.To contact the reporters on this story: Alex Sazonov in Moscow at asazonov@bloomberg.net;Anna Baraulina in Moscow at abaraulina@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Natasha Doff, Gregory L. WhiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com

    StockBeat: Financials Lifted as Bond Yields Gain on Trade Hopes

    Financial stocks hitched a ride to lead the broader market higher as Treasury yields caught a bid on rising optimism over a progress on a U.S. and China trade deal thanks to President Donald Trump confirming that he would meet with Chinese Vice Premier Liu He on Friday. In the hours leading up to the trade talks, traders had to contend with a wave of conflicting reports, which had suggested the potential for progress on this week’s talks was murky at best. Rising Treasury yields are seen as a boon for banks, letting them boost their net interest margin, the difference between the interest income the banks generate and the interest they pay out.

  • Reuters

    UPDATE 1-Dubai's MAF explores partial credit card business sale in review -sources

    Dubai's Majid Al Futtaim, which operates the Middle East franchise of French retailer Carrefour, is exploring options for its credit card business including enlisting partners to manage unsecured credit risk, two banking sources told Reuters. The economy in Dubai is suffering from sluggish growth due to a real estate downturn and slowing global trade, hitting white-collar jobs and consumer spending. MAF, a holding company which also owns and operates shopping centres in the Middle East and North Africa, hired U.S. investment bank Moelis & Co at the start of the summer to advise and manage the partial sale of its Najm credit cards, said the sources, who declined to be named.

  • Christian Dior's Book Bags Are Red Hot Right Now
    Bloomberg

    Christian Dior's Book Bags Are Red Hot Right Now

    (Bloomberg Opinion) -- Despite the pressures piling onto the luxury industry, LVMH has pulled a great performance out of its roomy monogrammed bag.Sales excluding currency movements rose by 11% in the three months to Sept. 30, better than the consensus of analysts’ forecasts of 9.2%. That’s creditable given the ongoing disruption in Hong Kong.Don’t be lulled into a false sense of security, though. LVMH is the world’s biggest luxury group, with a broad geographic reach and a portfolio spanning fashion to spirits. Not all of the sales reports from high-end sellers in the coming weeks will be as alluring.Purveyors of bling have enjoyed more than three years of frantic growth, driven primarily by Chinese consumers, who account for about a third of sales and have snapped up Christian Dior book bags and Balenciaga sneakers. Some slowdown was inevitable. Despite the reassurance from LVMH, the risk of a hard landing, rather than a gentle deceleration, is rising.LVMH’s fashion and leather goods sales growth of 19% was much stronger than the consensus for a 15% expansion. That indicates that many purchases that would have been made in Hong Kong were diverted to the mainland, or to other Asian shopping destinations. The group has about 1,340 stores across Asia excluding Japan, so it can pick up sales wherever they are made. It helps that the Christian Dior brand is red hot right now, too. Even so, Bernstein forecasts that the protests will shave 0.6-1.2 percentage points off of the entire industry’s growth rate this year, so that expansion will be a figure in the mid-single digits.That’s not disastrous. But Hong Kong isn’t the only cloud on the high-end horizon. Trade tensions between the U.S. and China continue to simmer. So far, consumers appear to be adapting to the new reality. But some data points are more worrying. For example, Chinese consumer confidence slipped in July. Analysts at Citigroup have also noted the potential for Japanese sales to be hurt by the recent increase in the country’s consumption tax from 8% to 10%.And it is not just Asia that luxury-goods groups have to fret about.In general, consumers are more willing to splurge on things they can’t really afford, or don’t really need, when they’re feeling confident and flush with cash. With political turmoil on both sides of the Atlantic, and concerns mounting about economic growth, that’s unlikely to be the case. LVMH said it made “good progress” in the U.S. But increasing fears of a downturn next year will do nothing to encourage spending there.Like LVMH, Kering SA also has a broad reach, but it’s navigating Gucci’s transition from stellar to steady growth.  Conditions are not ideal for those groups trying to revive their performances, such as Prada SpA and Salvatore Ferragamo SpA, although there are signs that Burberry Group Plc is gaining momentum with young Chinese shoppers.There’s another reason why the pain might not be spread evenly. With fat margins, and little debt, the biggest groups have plenty of scope to invest. If they keep up capital expenditure when times are tough, they can emerge even stronger. Louis Vuitton designing clothing for characters in the popular fantasy game League of Legends is a case in point. As all of the industry’s growth is coming from the under 40s, investments that appeal to the cool kids are wise. The big groups also have the balance-sheet firepower to make acquisitions.Share prices have been hurt since mid-September by the escalation of protests in Hong Kong. Even so, the Bloomberg Intelligence top luxury peer group trades on a forward price-earnings ratio of about 22 times. That’s a decline to be sure, but it’s not that far off the peak of about 27 in June 2018.Bernard Arnault, chairman of LVMH, has bemoaned high valuations as a barrier to deals. There may still be some way to go until prices are more palatable. But if nascent industry woes become more pronounced, he may finally get his chance to swoop. \--With assistance from Nisha Gopalan.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Amazon, Walmart Will Help Save India’s Banks
    Bloomberg

    Amazon, Walmart Will Help Save India’s Banks

    (Bloomberg Opinion) -- A common refrain you hear in India is, “There’s no credit in the market.” The despondence cuts across industries as diverse as real estate, autos and road construction. An 88% slump in the flow of funds to the commercial sector between April and September shows that the producers’ unease is justified.  However, one credit tap is starting to gurgle, giving some cause for optimism. Pocket-sized loans are feeding online consumption, with demand coming from smaller cities and towns. The amounts are still tiny, but as digital spending grows, financing it has the power to turn the page on Indian lenders’ underwriting of soured corporate loans: the source of a $200 billion sigh of collective agony.Amazon.com Inc. and Walmart Inc.’s Flipkart Online Services Pvt claimed record sales during the recently concluded six-day online shopping bonanza that marks the start of the Indian festival season. Although nowhere close to Alibaba Group Holding Ltd.’s $31 billion Singles’ Day promotion in China, the Indian version of Black Friday has grown fivefold to $3 billion in four years, according to a review of this year’s sales by RedSeer, a consulting firm. Add the spending between now and Diwali, the Hindu festival of lights, and Forrester Research reckons the total for a month of online purchases may fall just shy of $5 billion.  Although the 30% growth this year was slower than in the previous three, it’s a strong outcome in a weak economy. Both of India’s leading e-commerce marketplaces cited small towns – and credit – for their success. Flipkart says Tier 3 cities ordered 100% more goods this year. The share of transactions using credit options grew by 70%, with a majority of these people living outside of big cities. Amazon revealed that three out of four customers who availed themselves of financing came from Tier 2 and 3 cities; significantly, every second buyer who used credit did so for the first time.All this is hardly unique to India. China’s e-commerce boom saw an explosion of microloans, with millennials buying hamburgers on credit and the buy-now-pay-later habit picking up in Indonesia. What makes India interesting is the possibility that soon even physical retail will embrace digital in-store credit – minus plastic.A mobile-payment app with pay-later options at physical stores will be an important innovation. For all its expansion, e-commerce will account for only 7% of India’s $1.2 trillion retail sales by 2021, according to Deloitte. Credit cards won’t go beyond big cities and organized retail. It’s not worth any bank’s while to make card acceptance universal because the revenue to a bank from signing up a mom-and-pop shop  – the merchant who handles purchases at the bottom of the income pyramid –  is a meager $4 a month.That’s why Flipkart’s “cardless” credit deserves attention. Customers are validated for a $1,400 limit via a simple video upload; the actual financing comes not from Flipkart but from banks and financiers like Bajaj Finserv Ltd. This is the model that Mukesh Ambani, India’s richest man, might use to connect India’s 30 million small retailers with consumers. Amazon’s claim that its Great Indian Festival saw orders from 99.4% of the country’s postal codes owes that reach to Ambani’s aggressive entry into telecoms three years ago. The 4G network of Reliance Jio Infocomm Ltd. has caused data prices to crash and usage to explode.But Ambani won’t let the American duo of Amazon and Walmart be the biggest beneficiaries of his disruption. If Jio succeeds in taking its knowledge of 340 million Indians who use its mobile service to neighborhood stores, where most people still shop, banks and shadow banks will rush in with credit. From Citigroup Inc. to State Bank of India, HDFC Bank Ltd. to Singapore’s DBS Group Holdings Ltd., everyone will want this sizable new line of revenue at the intersection of consumer and corporate banking. Writing in the Financial Times, Viral Acharya, a former deputy governor at the Indian central bank, argues that finance in India must learn from shampoo makers such as Unilever and Procter & Gamble Co., who boosted sales by offering families affordable quantities in small sachets rather than in more expensive full-size bottles.To similarly make bite-sized finance sustainable, account aggregators are coming. They’ll digitally record a consumer’s transactions with various institutions and, with consent, share data with a lender. Given that 52% of Indian workers are self-employed, and only 23% earn a regular wage, to be able to accurately assess a borrower’s irregular cash flows will give lenders confidence to extend credit.So large is the overhang of bad corporate debt that to suggest a better model of banking will emerge invites skepticism. Yet below the surface of corporate bankruptcies and failing financial institutions, technology is enabling important change. Maybe not tomorrow, but credit will go where it is due.  To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.