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(Reuters) -Citigroup Inc trounced first-quarter profit expectations thanks to a rebound in the broader economy and a jump in investment banking activity, and said it would exit some overseas businesses as new chief executive Jane Fraser starts to make her mark on the bank.
The country’s third-largest lender reported $7.94 billion in profit, triple $2.54 billion 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.
Citigroup’s share price was down 1% in morning trading.
“Our first impression is the incoming CEO Jane Fraser is striking the right cord on messaging a sense of urgency to undertake strategic changes that enhance the profitability profile,” bank analyst Saul Martinez of UBS wrote in a note.
: Thursday, April 15, 2021, 7:34 PM IST
Citigroup to exit retail banking operations in 13 countries including India and China - Here s why Pixabay
American multinational investment bank and financial services Citigroup on Thursday announced that it will shut retail banking operations in 13 countries including India and China.
Citigroup on Thursday announced strategic actions in Global Consumer Banking â as part of an ongoing strategic review â which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential. Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers â Singapore, Hong Kong, the UAE and London.
Citi to close retail banking in Bahrain, India, China tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
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 would exit some overseas businesses as new chief executive Jane Fraser starts to make her mark on the bank.
Citigroup profit jumps, plans Asia and EMEA exits as Fraser makes her mark By David Henry
A view of the exterior of the Citibank corporate headquarters in New York, New York
(Reuters) -Citigroup Inc 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.