Friday, 3rd July 2009

 

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

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

$95 Million Trump House Could Be Sold–Again

Donald Trump set a record when he sold a house for $95 million last year. It was, he proudly pointed out, the largest amount paid in the U.S. for a single-family home.

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