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Citigroup profit triples on $3.85 bln reserve release Reuters 4 hrs ago
April 15 (Reuters) - Citigroup Inc trounced analysts first-quarter profit estimates on Thursday as its outlook for an economic recovery driven by vaccinations and government stimulus allowed it to release reserves set aside for loan losses from the pandemic.
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The bank also said it would exit its consumer businesses in 13 markets across the Asia and EMEA regions, as part of a broader strategic review under new Chief Executive Officer Jane Fraser. As part of the move, Citi will divest those businesses in countries like Australia, China and India. While the other 13 markets have excellent businesses, we don t have the scale we need to compete, Fraser said in a statement.
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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.
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.
MUMBAI: Citibank today said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan to focus only on four wealth centers in Asia.
“Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in thirteen markets across the two regions,” the bank said in a post-earning statement today.
Citibank will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank said that its institutional client group will continue to serve customers in these 13 countries.