Friday, 3rd July 2009

 

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

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