Thursday, 24th July 2008

 

12 May 2008 - Press Briefing

Citigroup eyes annual revenue growth at wealth unit

Citigroup on Friday said it is targeting annual net revenue growth of 9% from both securities and banking and from wealth management, according to a Reuters report.

The bank said this is part of its strategy to boost annual net revenue growth by 10% from core operations. This includes increases of 7% from card operations, 8% from consumer banking and 14% from transaction services, Citigroup added.

The news came as the bank unveiled plans to shed $400bn (€259.7bn) of assets over the next two to three years, in a drive to become more efficient.

In slides posted on the largest US bank's web site, Citigroup said it has about $500bn of "legacy assets". It said it expects to reduce this amount to less than $100bn within two to three years.

Tags: Citigroup

Most Read

  1. Comment: The rich like Julius Baer
  2. Boutique private bank hires former Italian head of UBS
  3. Morgan Stanley poaches $8m Citigroup wealth brokers
  4. Comment: Credit Suisse results underline hiring spree
  5. Swiss private bank changes management after arrest of employee

Brummel

Headline

From Stoke Park with love

After a hard working week, Brummell is always on the lookout for splendour and luxury, and Stoke Park Club certainly has both. The 49-bedroom five-star spa hotel set in sprawling parkland and 27-hole golf course are just seven miles from Heathrow – and you can be teeing off or lying prostrate under a masseuse’s masterly thumbs in less than an hour from your desk with a special offer for Brummell readers.

Rich Monitor

Will Smith tops Hollywood earnings list with $80m payout

Will Smith has emerged as Hollywood’s top earner, earning a massive $80m (€51m) last year, new figures compiled by Forbes have shown, according to a report in New York Daily News.

More from Wealth Business

  1. Sants defends FSA staff from 'out of touch' accusations
  2. Japan funds outperform in second quarter
  3. Comment: Credit Suisse results underline hiring spree
  4. Rathbone profits tumble 27% on trust disposals
  5. Credit Suisse cuts quarter of risky assets

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347