In the 1990s, banks classified customers and their rewards by issuing only Platinum, Gold, or Titanium cards. Consumers had no choice in selecting a card, as the type of card issued was solely determined by their income. The industry saw a significant shift in 1997 when Citibank, in collaboration with Indian Oil Corporation, introduced India’s … Read more
Viswas Raghavan is a great hire for Citigroup Inc. but, boy, does he have his work cut out to help his new employer along its road to renewal. Raghavan is a 20-plus-year veteran of JPMorgan Chase & Co. who held a string of senior leadership roles over the past decade, finishing up as head of … Read more
Citigroup will cut 20,000 jobs over the next two years, its Chief Financial Officer Mark Mason said on Friday, after the bank reported a $1.8 billion loss for the fourth quarter. The lender, which currently has 239,000 employees worldwide, will reduce that headcount by 20,000 as part of a sweeping reorganization, Mason told reporters. Citi … Read more
Nacho Gutierrez-Orrantia, one of Citi‘s most senior bankers in Europe, will become banking and cluster head for Europe as part of its planned restructuring, the banker told Reuters on Monday. The latest step in the bank’s reorganisation was announced on Monday, with Citi’s CEO, Jane Fraser, saying that “the actions we’re taking to reorganize the … Read more
Axis Bank’s bottomline in the March quarter is likely to be weighed down by the one-off costs incurred due to the integration of Citibank’s India business, according to analysts. As a result, some brokerages have estimated a net loss for the quarter. Kotak Institutional Equities, ICICdirect, and Emkay Global Financial Services have projected a net … Read more
“If you look at the IDFC First Bank numbers last two to three quarters, they are best in class on almost all financial parameters. They are amongst the number one or two within the space,” says Dipan Mehta, Director, Elixir Equities.The Citibank acquisition is coming, I would say, at a discount to what the original … Read more
Mumbai: The sale of Citibank’s India retail business is a good opportunity for existing banks to strengthen their affluent customer bases, said CLSA. has the size and valuation constraints to acquire such an asset, while for HDFC Bank it is not a game-changer in terms of size but it is still a good asset, the … Read more
SINGAPORE: Nomura, Asia’s global investment bank, on Thursday said it has appointed Indian-origin Ravi Raju as Head of International Wealth Management. In this newly created role, Raju will be responsible for expanding Nomura’s wealth management business in Asia ex-Japan as the firm taps into the growing ranks of wealthy individuals in the region, the firm … Read more