Citi
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Revenues on the rise; More lending and discretionary mandates.
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What does it take to succeed in the increasingly competitive world of transaction services? Internal collaboration, global footprint, adaptability, connectivity and mobile technology all make up part of the equation. But every bank, and every client, is different
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14% rise in responses pushes total to all-time high of 28,000.
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Farhan Faruqui leaves Citigroup to join ANZ as head of international business.
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Nadir Mahmud smiles at the irony of it. He’s been global head of Citi’s foreign exchange business for only a matter of weeks, and he’s already achieved something that has been a clear ambition of the bank for more than a decade: to reclaim its position as the leading global foreign exchange house.
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For the first quarter, Citigroup reported an 18% decline in fixed-income revenues compared with 2013 and chief financial officer John Gerspach described the overall FICC business as a “shrinking pie”.
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Vikram Pandit, the former Citigroup CEO, who was ousted in 2012, is casting his net wide as he looks for ways to stay busy.
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Citi Private Bank is set to launch its new client/banker technology platform at the end of February, with the hope it will be the industry standard for digitalization.
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Wieting took on the role in May 2013 and was formerly a director and US economist in Citi Research. He joined Smith Barney in 1996 and became lead economist for Citigroup’s US institutional equities business in 2000.
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The US bank earnings season kicked off this week with Bank of America Merrill Lynch and JPMorgan’s treasury services businesses delivering solid revenues to their corporate and investment banking divisions.
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As Euromoney sits down with Michael Corbat and Jamie Forese, US treasury bond markets are in the grip of a summer sell-off spreading uncertainty and fear across Wall Street.
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Since 2009, after John Havens had to slash headcount and reduce the investment banking business to serve far fewer customers, Citi has been fighting its way back to prominence.
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Michael Corbat looked like a safe pair of hands when he took over from Vikram Pandit as Citi’s chief executive. Known as a details man, a leader and strong manager, he will execute the strategy Pandit first laid out. But overseeing the rundown of Citi Holdings has given him a taste for better deploying scarce resources. And every business in Citi’s renowned 100-country network, the bank’s defining differentiator, will have to justify itself to his scrutiny.
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As European leaders grant the ECB expansive powers, the Cyprus bailout, the negative sovereign-bank feedback loop and the continued provision of liquidity support underscore reputational risks for the central bank, warns Willem Buiter, Citi's chief economist.
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For all the fragmentation in the FX market, the top four banks further consolidated their dominance of customer business, according to the 2013 Euromoney foreign exchange survey. As volumes rise again in FX, volatility returns and banks’ earnings from it recover, margins are still compressing. Customers are focused on cutting transaction costs. Banks face big demands on scarce IT resources.
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Christopher Laskowski is a busy man. He was recently appointed head of corporate and investment banking for Citi in Hong Kong. In this role he will cover Hong Kong-based clients and the Hong Kong investment banking team will report to him. He will also continue to head the Asia-Pacific private equity advisory practice known as the Alternative Assets Group and be the chief operating officer of the corporate and investment bank for the region.
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Citi intends to streamline the management structure within its institutional clients group (ICG), claims a person close to the matter.
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Fed thumbs up for Citi as JPMorgan stumbles; Citi’s Dickson says capital markets see increased demand.
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Citi is banking that its global footprint and strong corporate relationships will ensure transaction services remain a growing source of revenue in an otherwise challenging period for its other businesses. Technological innovation will help the bank adapt to shifting market and client demands, the bank’s top transaction banker tells Euromoney
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The US banks have posted mixed results and while shareholders are losing patience with the bigger laggards at least Goldman seems to have returned to the good old days.
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Regulators and shareholders are channelling their concerns over banks’ slow progress in shifting to new and sustainable business models to a new cadre of activist chairmen. Often experienced in the industry, independent of executive management and with strong personalities, these chairmen are increasing the pressure on bank CEOs to abandon unrealistic ambitions and reshape their banks to a new world. Expect more ructions ahead.
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FX brokers using Tradable, the open-source forex trading platform, can now trade with Citi through CitiFX TradeStream, which aggregates liquidity from select providers.
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Citi's drive to slash costs highlights CEO Corbat's bid to assuage shareholder angst.
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In Asia Pacific, Citi’s corporate and investment bank is starting to punch its weight as a broad restructuring, a shift in strategy and much soul-searching begin to bear fruit. Can it establish itself at the top of the investment banking pile?
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Citi has made a series of hires in Central and Eastern Europe, Middle East and Africa (CEEMEA) FX trading and sales.
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Sometimes, I am pleased to say, I get there before others. Those who are successful normally spot signals before they become trends and navigate accordingly. I can think of many examples: Howard Schultz, the founder of Starbucks, who realized people would pay £2.50 for a half decent cup of coffee; Steve Jobs, who saw that consumers wanted design as well as functionality; and even Barack Obama, who recognized in 2008 that the US public were desperate for change. Of course, Obama now faces a difficult re-election battle as it is not clear his tenure delivered the change that he promised.