Banamex

Looking ahead, CEO Jane Fraser notes that the bank expects to exceed its return targets this year.

She also confirmed Citi plans to list its Mexican unit Banamex on the stock exchange next year to finally wrap up its multi-year restructuring.

Sticking to Wall Street earnings, we've got a mixed bag of results from JPMorgan Chase.

The bank reported a surprise 4% drop in third-quarter fixed income trading revenue, marking the first such decline in more than two years.

Wells Fargo's, uh, Steve.

Uh, but then also they've got the Banam- Banamex, uh, their Mexican operation being spun off sometime in the next three to six months.

I will admit, that keeps getting pushed back, so I'm a little bit worried about that.

But the thing with Citigroup is not just that there's cheapness there, they're turning it around, improving expenses, and there's stories.

As I said, like the consent orders and like Banamex.

Yeah.

Well, the, the KBE cohort, that's the, the ETF of larger banks that has underperformed the S&P since June 30th by about 1,200 basis points, and the last time that happened was in January of 2025, and it rallied on earnings.

Stephanie Lay from Coppel, head of retail banking at Coppel, takes over in early November.

She's replacing Armando Herrera and also Rodrigo Curi, who had previously been at Banamex and Santander, and then had taken some time off to do a startup as becoming kind of chairman.

That role previously had been managed by out of Brazil.

Stephanie, people, if there are any loyal listeners out there, you'll remember her because she was on our show last year talking about Coppil's retail banking strategy.

Hmm.

Or Banamex, you used to have, uh, um, an agreement with Citigroup, but you can still, uh, set up an account with them.

Um, Banorte has some banks on, on the border.

If you're in Texas, for example, you can set up a bank account with Banorte 'cause Banorte is in Texas.

Um, Arizona, I think they have, um, Banorte as well, and I think they have Banamex.

So anyways, yes you can, uh, but you'll have to find a way, uh, maybe do it online.

Okay? Now, for your second question, can I get-

He has a lot of cash at hand with copper prices going so hard.

He's been trying to try to get into the financial sector with a bid for Banamex that didn't work out.

And this one has finally completed.

He's an interesting man, and we should keep an eye on his wealth to see if he overcomes Carlos Slim, which would be quite something.