Leading private banks in the US and Europe have, with a few notable exceptions, reported relatively weak earnings for FY23. While not quite the annus horribilis of 2022, behind the weaker-than-expected earnings is a nevertheless difficult year for private banks. Globally, markets were impacted by high inflation, quantitative tightening, geopolitical uncertainty, wars in Europe and the Middle East, and China’s stuttering […]

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Citi’s unveiling of its largest organisational structure change in 15 years is aimed at streamlining its operating model and enhancing its strategy. With falling revenue and frequent organisational changes to its wealth business, can Citi meet its long-term strategy of achieving strong revenue in wealth? Under the new structure announced last week, Citi has separated its core businesses into five […]

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Citigroup’s CEO Jane Fraser has said that wealth management will be a key business that the group is betting on to improve its profitability in the long run. On Citi Investor Day, hosted in the US overnight, Fraser, admitted that it was “frankly not a surprise” that the bank was outperformed by its peers and failed to meet the expectation […]

The post Citi restates ambition to grow both affluent and PB business on Investor Day appeared first on Asian Private Banker.

Citi is selling its retail banking business in Australia. The bank on Monday announced it has entered into a sale and purchase agreement with National Australia Bank Limited (NAB). The agreement is structured as an asset and liability transfer, with NAB paying Citi cash for the net assets of its consumer business together with a premium of A$250 million. Under […]

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Citi Global Wealth (CGW) took in close to US$15 billion in net new money (NNM) from APAC in 1H21, mainly from its wealth hubs in Hong Kong, Singapore, London and UAE. The amount includes US$8 billion added in 2Q21, with AUM growing 21% YoY. A statement from the bank points out that NNM growth has been underpinned by the recruitment […]

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Citi has poached an HSBC veteran for its private banking unit as it seeks to double down on wealth management. On Tuesday, Citi Private Bank said it has hired Jonathan Gan to its private capital group in Singapore, as the American bank aims to bolster its coverage of family offices in South Asia from its hub in the Lion City. […]

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Citi today announced the launch of a campaign to drive AUM growth in the APAC region. Apart from major investments in technology, the American lender seeks to hire thousands of professionals. The Win-in-Wealth campaign aims to add in excess of US$150 billion AUM across Citi’s Asia Pacific franchise — including US$120 billion in the HNW segment — and grow its […]

The post Citi details campaign to boost AUM growth in APAC, adding 1,100 RMs appeared first on Asian Private Banker.

Citi plans to exit consumer banking in 13 markets across Asia and EMEA as part of an “ongoing refresh” of the bank’s strategy, announced by Citi CEO Jane Fraser. Resources will be redeployed in developing its Global Consumer Bank business in four Global wealth centres ‒ Hong Kong, Singapore, UAE and London. The American lender will exit its consumer franchise, […]

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