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Citi will conduct a search for David Chubak's replacement as head of the retail services business, which provides private-label and co-brand credit cards for merchants including Macy’s and Best Buy.
After trading below tangible book value for the last 12 months, Citi has clawed its way back.
BusinessValueAct exits Morgan Stanley stake, trims other financial firms in Q1-filing Svea Herbst-bayliss 3 minute read A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid Investment firm ValueAct liquidated its stake in Morgan Stanley (MS.N) and trimmed holdings in Citigroup Inc (C.N), KKR & Co Inc (KKR.N) and SLM Corp (SLM.O) in early 2021, pointing to a shift away from some financial firms that it has owned for several years, a regulatory filing released on Monday showed. ValueAct sold 8.2 million shares of ...
Citi Exits Asia Retail To Focus On Wealth Management Advertisement May 06, 2021 In a series of sweeping announcements, Citigroup unveiled plans to exit its consumer banking business in 13 markets, mostly in Asia-Pacific as well as other regions and turn its focus to wealth management. Markets affected by the global bank’s decision include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Jane Fraser, Citigroup’s CEO as of March, plans to allocate capital and other resources to the most lucrative services, such as w...
One of the biggest priorities for Fraser, who took over for predecessor Michael Corbat in February, is to bring New York-based Citigroup's returns closer to those of peers including JPMorgan Chase and Bank of America. "As we look at the businesses over a decade ahead, we want to be a winner," Fraser told CNBC's Wilfred Frost on "Closing Bell" in her first televised interview since officially starting as CEO. "We want to close the return gap with our peers," Fraser said. "To do that you take a candid assessment of which of the businesses that you're going to be in a position to succeed in winn...