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Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official

Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official
News18
8 hours ago
News18
© Provided by News18
Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official
In a major move, American banking company Citigroup announced on Thursday that it will be exiting 13 international consumer banking markets, including India and China as part of its global strategy. The company said it will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates.
India Impact
Citi India’s Chief Executive Ashu Khullar has assured that there will be no immediate impact of the decision on its employees and operations in India. “There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clie ....

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Citigroup plans to exit 13 countries as CEO Jane Fraser pledges 'fundamental transformation'

“We simply aren’t the best owners over the long term,” said Fraser, who led global consumer banking before becoming CEO.
Citi, which prides itself as the world’s “most global” bank, has been shrinking its retail footprint for many years. It sold its German branches in 2008 and those in Argentina and Brazil in 2016.
The bank still serves companies in those countries, and Fraser said it will continue to do so in the nations where it will soon close its branches.
As with other big banks, Citi enjoyed a healthy first quarter thanks the stabilizing economy enabling the bank to release loan-loss reserves. But revenue from Wall Street lines of business fell compared with last year, as did consumer banking. Return on equity, a measure of how profitably the bank deploys its capital, came in at 17%. ....

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Citi Declares 'Zoom-Free' Fridays Amid Pandemic Work Fatigue

Citi Declares 'Zoom-Free' Fridays Amid Pandemic Work Fatigue
ibtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibtimes.com Daily Mail and Mail on Sunday newspapers.

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Citi urges dealmakers to send more business to private bankers

Citi urges dealmakers to send more business to private bankers
americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.

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Citi Needs A New Strategy For Its Lagging Asian Consumer Banks

Citigroup Inc.’s new Chief Executive Jane Fraser is facing an Asia question handed down to her from predecessor Mike Corbat’s time: What to do about the consumer banks? Out of the 19 that Citi operates globally, 12 are in the Asia-Pacific region. ....

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