Citibank announced to its customers that they have accelerated the pace of change by realigning Citi into two distinct businesses, Citicorp and Citi Holdings.
According to Citi, Citicorp will be focusing on leveraging the competitive advantages of the company's global reach which extends to over 100 countries and on services which include Consumer Banking and Cards, Commercial Banking, Corporate and Investment Banking, Global Transaction Services and Citi Private Bank.
Citi Holdings on the other hand will be comprised of brokerage and asset management, local consumer finance and a special asset pool.
On top of announcing it's new alignment to be officially split apart last Friday, Citigroup also acknowledged a USD $18.7 billion loss in 2008.
CEO Vikram Pandit is said to run Citigorp with someone else to take over Citi Holdings. The new structure fits as to what Pandit said last spring of which Citi businesses he would keep and those he could do without.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment