“Services will include Treasury and Trade Solutions (TTS) and security services, and this reflects just how important we believe these businesses are to Citi’s future.” “We will begin reporting under three units: services, banking and markets,” revealed Fraser. On the institutional side, the bank is radically shaking up its reporting structure with the introduction of a brand-new services unit. “We had another strong quarter in investment banking and gained share for the year in M&A.”Ĭitigroup is making some major changes to the way it operates, including an exit from 13 consumer markets across Asia and a significant scale-back in Mexico, along with the creation of a new personal banking and wealth management division run by the chief executive officer of the global consumer bank, Anand Selva. “Our net income for the full year of $22 billion (double the $11 billion earned in 2020) reflects an improved credit environment,” said Fraser. Full year figures were strong however, with the bank returning nearly $12 billion in capital to its shareholders. The fourth quarter missed expectations, with net income of just $3.2 billion – a decline of 26% year-on-year, which the bank blamed on an 18% jump in expenses. Recently-appointed chief executive officer Jane Fraser, who only joined the bank 10 months ago and has embarked on a radical revamp of the bank’s priorities since her appointment, outlined the ongoing strategy in a detailed earnings call, as well as explaining the mixed bag of results. Citigroup kicked off the Q4 earnings season on Friday with the release of its latest figures.
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