pkpatriotic
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Saturday, May 10, 2008
NEW YORK: Citigroup said on Friday it plans to slash its assets by some $400 billion over the next two to three years.
The banking giant made the disclosure in slides posted on its website that cover the presentation it was making to investors and analysts on Friday. Citigroup noted that the vast majority of the assets to be shed are within its consumer banking and securities banking operations, 63 per cent and 34 per cent, respectively.
The assets disposal would represent about 20 per cent of the companys total assets of $2.2 trillion. The bank said it wanted to focus on stability and growth, citing its unique global presence and a large footprint in (the) fastest-growing areas in the world.
Citigroup broke down this outlook, saying it was targeting net revenue growth of 9.0 per cent for its global wealth management business and 7.0 per cent for its global credit card business.
The bank also targeted revenue growth of 8.0 per cent for its consumer banking business, 9pc for its securities and banking business and 14 per cent for its transaction services business.
NEW YORK: Citigroup said on Friday it plans to slash its assets by some $400 billion over the next two to three years.
The banking giant made the disclosure in slides posted on its website that cover the presentation it was making to investors and analysts on Friday. Citigroup noted that the vast majority of the assets to be shed are within its consumer banking and securities banking operations, 63 per cent and 34 per cent, respectively.
The assets disposal would represent about 20 per cent of the companys total assets of $2.2 trillion. The bank said it wanted to focus on stability and growth, citing its unique global presence and a large footprint in (the) fastest-growing areas in the world.
Citigroup broke down this outlook, saying it was targeting net revenue growth of 9.0 per cent for its global wealth management business and 7.0 per cent for its global credit card business.
The bank also targeted revenue growth of 8.0 per cent for its consumer banking business, 9pc for its securities and banking business and 14 per cent for its transaction services business.
