Citi s New CEO Taps Old Strategy With Exits In India, 12 Other Markets Citi s New CEO Taps Old Strategy With Exits In India, 12 Other Markets Jane Fraser, who rose to the top of the firm last month, is on familiar ground as she moves to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul.
Jane Fraser is carrying out a multi-year remediation effort in wake of regulatory rebukes.
As Citigroup Inc. simplifies its sprawling businesses, new Chief Executive Officer Jane Fraser is reaching for a familiar playbook: her own.
Fraser, who rose to the top of the firm last month, is on familiar ground as she moves to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul. Within a year of taking over the company s operations in Latin America in 2015, the former consultant oversaw sales of retail-banking and credit-card operations in Brazil, Argentina and Colombia.
Citi s New CEO Taps Familiar Strategy With Retail Banking Exits
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Citi poised for cardholder acquisition push
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Citigroup profit jumps, plans Asia and EMEA exits as Fraser makes her mark By David Henry
A view of the exterior of the Citibank corporate headquarters in New York, New York
(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 will exit some overseas businesses as new chief executive Jane Fraser starts to make her mark on the country’s third-largest lender.
The bank reported $7.94 billion in profit, triple the $2.54 billion it made 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.