We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Citi (C) Merges Consumer Banking Businesses in EMEA & Asia
Read MoreHide Full Article
In line with its continued efforts to streamline operations, Citigroup Inc. (C - Free Report) is reportedly merging its consumer banking unit in Europe, Middle East and Africa (EMEA) with Asia. The news was reported by Reuters, citing an internal memo.
The latest move will combine consumer banking revenues in Bahrain, the UAE, Russia, Poland and the U.K. with Asia. The merger is not expected to impact headcounts in either EMEA or Asia.
Asia, which remains a major source of profit for the business after North America and accounted for a fifth of Citigroup’s global consumer banking (GCB) profit last year, will manage the company’s business across 17 countries. Notably, during first-quarter 2016, consolidated revenues of Asia and EMEA represented around 21.3% of total GCB revenues.
James Griffiths, a spokesman for Citigroup in Hong Kong stated “As part of ongoing efforts to become a leaner, simpler organization, Citi's EMEA consumer cluster will now be managed by its Asia consumer franchise.” He further added, “The integration is designed to enable us to operate more efficiently and effectively."
Citigroup’s GCB business is focused on its priority markets in the U.S., Mexico and Asia with 2,703 branches in 19 countries as of Mar 31, 2016.
Citigroup, which was hard hit by the 2008 financial crisis, has been undertaking restructuring measures to boost profitability. Also, it has already retreated from some global markets, and is in the process of exiting others to focus on markets where it has a strong presence and long-term growth prospects. These streamlining initiatives should bolster the company’s capital position, reduce expenses and drive operational efficiencies.
Currently, Citigroup carries a Zacks Rank #4 (Sell). Some-better ranked stocks in the finance space include First Midwest Bancorp Inc. , HomeStreet, Inc. (HMST - Free Report) and Flagstar Bancorp Inc. , each sporting a Zacks Rank#1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Citi (C) Merges Consumer Banking Businesses in EMEA & Asia
In line with its continued efforts to streamline operations, Citigroup Inc. (C - Free Report) is reportedly merging its consumer banking unit in Europe, Middle East and Africa (EMEA) with Asia. The news was reported by Reuters, citing an internal memo.
The latest move will combine consumer banking revenues in Bahrain, the UAE, Russia, Poland and the U.K. with Asia. The merger is not expected to impact headcounts in either EMEA or Asia.
Asia, which remains a major source of profit for the business after North America and accounted for a fifth of Citigroup’s global consumer banking (GCB) profit last year, will manage the company’s business across 17 countries. Notably, during first-quarter 2016, consolidated revenues of Asia and EMEA represented around 21.3% of total GCB revenues.
James Griffiths, a spokesman for Citigroup in Hong Kong stated “As part of ongoing efforts to become a leaner, simpler organization, Citi's EMEA consumer cluster will now be managed by its Asia consumer franchise.” He further added, “The integration is designed to enable us to operate more efficiently and effectively."
Citigroup’s GCB business is focused on its priority markets in the U.S., Mexico and Asia with 2,703 branches in 19 countries as of Mar 31, 2016.
Citigroup, which was hard hit by the 2008 financial crisis, has been undertaking restructuring measures to boost profitability. Also, it has already retreated from some global markets, and is in the process of exiting others to focus on markets where it has a strong presence and long-term growth prospects. These streamlining initiatives should bolster the company’s capital position, reduce expenses and drive operational efficiencies.
Currently, Citigroup carries a Zacks Rank #4 (Sell). Some-better ranked stocks in the finance space include First Midwest Bancorp Inc. , HomeStreet, Inc. (HMST - Free Report) and Flagstar Bancorp Inc. , each sporting a Zacks Rank#1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>