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Citibank customers report fraud alerts and account access issues

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A Citibank branch in New York, US, on Sunday, Jan. 12, 2025. 

Michael Nagle | Bloomberg | Getty Images

Numerous Citibank customers reported receiving fraud alerts and difficulties accessing their accounts Wednesday.

According to DownDetector.com, which tracks reports of digital services interruptions, hundreds of Citibank users had flagged issues related to their accounts as of midday.

The site indicated the interruptions had been occurring since at least 9 a.m. Eastern time.

On social media platform X, some customers reported receiving fraud alerts and subsequently experiencing long hold times with bank’s fraud department. Others said they couldn’t access their mobile accounts.

A Citi spokesperson did not immediately respond to a request for comment, but a bank representative posted on X in response to a customer: “No updates at this time. As soon as this issue is resolved we will connect with you. There is no need to keep checking in unless you want to.”

Another agent wrote on the platform, “We are currently working on this and ask that you try calling in another 1-2 hours.”

Earlier Wednesday, Citi reported financial earnings that beat analysts’ expectations, with multiple business segments seeing record revenues.

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T. Rowe Price likes stock picking now

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One of the largest active ETF managers on leveraging fund tactics in new ways

It appears T. Rowe Price is benefitting from the record growth in actively managed exchange traded funds.

Tim Coyne, the firm’s head of ETFs, reports the firm is seeing significant growth in the area — listing the T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price U.S. Equity Research ETF (TSPA) as two established strategies that can satisfy investor demand.

“I think having that professionally managed portfolio is really beneficial to clients,” Coyne told CNBC’s “ETF Edge” this week. “We’re seeing just… greater volatility [and] uncertainty across both the equity and fixed income markets.

According to Coyne, the T. Rowe Price Capital Appreciation Equity ETF suits investors who are looking for long-term growth.

“The objective of the fund is to outperform the S&P 500 with lower volatility and greater tax efficiency,” he said. “It’s also a more concentrated portfolio, typically holding around a hundred names.”

As of April 24, the fund’s top holdings include Microsoft, Amazon, and Apple according to the T. Rowe Price website. But it’s not all Big Tech. The ETF also features smaller positions in companies like Becton Dickinson and Roper Technologies.

The T. Rowe Price Capital Appreciation Equity ETF is down about 5% so far this year while the S&P 500 is off about 7% However, the ETF is up close to 8% over the past year — roughly identical to the S&P 500’s performance.

Coyne notes the T. Rowe Price U.S. Equity Research ETF follows a similar strategy, but with a heavier weighting in top tech stocks.

“This is more of a large-cap growth product [T Rowe Price U.S. Equity Research ETF],” he said. “There are components of characteristics of both passive and active here. This fund is actually managed by our North American directors of research. So again, strong fundamental research is going into the stock selection.”

Both the T. Rowe Price U.S. Equity Research ETF and S&P 500 are down around 7% since the beginning of the year. Meanwhile, the fund is up almost 9% over the past year. That’s less than one percent better than the S&P 500’s performance.

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T. Rowe Price U.S. Equity Research ETF vs. S&P 500

‘Some form of bear market’

Strategas Securities’ Todd Sohn thinks investment demand for active managers will continue to be strong.

“This is the type of the environment where it [active management] can actually shine,” the firm’s senior ETF and technical strategist said. “We are in some form of bear market. This is where the active manager really can come into hand and offer their solution they are doing right.”

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