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Citigroup needs a new strategy for its lagging Asian consumer banks

Citigroup needs a new strategy for its lagging Asian consumer banks
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Last Updated: Mar 08, 2021, 09:06 AM IST
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Synopsis
Covid-19 hit Citi with $17.5 billion in credit losses and allowances, two-thirds of which were in global consumer banking. A $900 million payment erroneously sent to Revlon Inc.’s lenders shaved off 0.3 percentage point from last year’s 6.9% overall return on tangible common equity, leaving it woefully short of the 14% return at JPMorgan Chase & Co.
AP
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? ....

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Citigroup needs a new strategy for its lagging Asian consumer banks

Citigroup needs a new strategy for its lagging Asian consumer banks
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