May 9, 2008
The U.S. bank, hit hard by the financial crisis and already recapitalised,
The U.S. bank, hit hard by the financial crisis and already recapitalised, seeks to reduce its costs. She accused the first quarter a net loss of $ 5.1 billion and conducted impairment losses for 14 billion dollars.
The U.S. bank Citigroup said Friday would yield approximately $ 400 billion of non-strategic assets "during the next two-three years", which represents approximately 20% of its assets. The bank, one of the hardest hit by the crisis of "subprime", has identified these assets among a tranche of $ 500 billion of assets "historical" can be read in the presentation it made to the community analysts Friday.
Citigroup also stated aim, by 2-3 years, a growth of about 9% of his income in private banking, 7% in credit cards, 8% in retail banking, 9% in the investment bank and 14% in services related to financial transactions.
Vikram Pandit, the CEO of Citigroup, has detailed the financial community its strategy based on three pillars: a "fitness", which includes the disengagement in 400 billion of assets, a "restructuring", providing for recast strategic economic model, and a "maximization of Citigroup, which is based on a culture of performance, innovation and implementation of the economic model.
Citigroup has lifted since November more than 42 billion dollars of funds from various investors from all walks of life, particularly in the Gulf and Asia, having had to depreciate almost 35 billion. His action has fallen by 55% for 12 months. The bank, which will reduce its workforce by 16,000 jobs in the first half, has accused the first quarter a net loss of $ 5.1 billion and conducted impairment losses for 14 billion dollars.
by erectusplus at 10:11 AM |
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