FinanceCitigroup profit jumps, plans Asia and EMEA exits as Fraser makes her mark
ReutersDavid Henry
5 minutes read
A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/File Photo
Citigroup Inc (C.N) trounced first-quarter profit expectations, thanks to a rebound in the broader economy and a jump in investment banking activity, and said it will exit some overseas businesses as new chief executive Jane Fraser starts to make her mark on the country s third-largest lender.
The bank reported $7.94 billion in profit, triple the $2.54 billion it made a year earlier, as it released funds set aside to cover pandemic loan losses and cashed in on a boom in listed shell company deals which has boosted underwriting income across Wall Street.
Citi’s New CEO Taps Familiar Strategy With Retail Banking Exits
Bloomberg 20 hrs ago Jenny Surane and Alex Tribou
(Bloomberg) As Citigroup Inc. simplifies its sprawling businesses, new Chief Executive Officer Jane Fraser is reaching for a familiar playbook: her own.
Fraser, who rose to the top of the firm last month, is on familiar ground as she moves to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul. Within a year of taking over the company’s operations in Latin America in 2015, the former consultant oversaw sales of retail-banking and credit-card operations in Brazil, Argentina and Colombia.
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March 31, 2021
Washington DC, March 31, 2021 – Coca-Cola Co and Delta Air Lines on Wednesday joined a bid by U.S. companies to challenge the state of Georgia’s new voting restrictions, with both Atlanta-based companies calling the law unacceptable.
Microsoft Corp, , which in February announced a major new investment in Atlanta, Georgia’s capital, added its voice, with President Brad Smith saying provisions of the law signed last week “unfairly restrict the rights of people to vote legally, securely, and safely.”
Citi Chief Financial Officer Mark Mason said in a LinkedIn post he was “appalled by the recent voter suppression” passed in Georgia.
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