Michael Corbat, who became CEO of Citigroup three months ago when Vikram Pandit suddenly resigned, has announced his management team, the bank said in a release. The new co-presidents are Jamie Forese and Manuel Medina-Mora.
China is emerging as the winner from OPEC’s battle with rival oil producers as the world’s biggest energy consumer stockpiles crude.
The nation’s efforts to boost reserves may increase its imports by as much as 700,000 barrels a day in 2015, according to London-based Energy Aspects Ltd. That’s more than half the global glut forecast by Citigroup Inc. after the Organization of Petroleum Exporting Countries refrained from cutting output at its meeting last week. Brent crude has slumped 41% from its peak in June.
Citigroup’s (C) recent announcement of its Consumer Banking acquittal in 11 international markets is the biggest retreat the banking sector has seen since the 2008 financial crisis. The markets include Japan, Costa Rica, El Salvador, the Czech Republic, and Egypt, leaving Citi’s retail banking in 24 markets.
Citigroup (C) said today that its consumer banking division had exited from 11 international markets: Japan, Nicaragua, Panama, Guatemala, Peru, Guam, Costa Rica, El Salvador, the Czech Republic, Egypt, and Hungary. Citi’s retail banking operations will now be limited to 24 markets. The bank further announced that its Korean Consumer Finance segment is performing poorly.
Citigroup announced third quarter earnings on Tuesday morning, and along with a slight earnings beat the bank delivered the news that it would take "strategic actions" to leave markets where it's not making as much money, including Japan and Egypt.
First we had JPM confirming what we all knew about the third quarter: it was a disaster for anyone who originates mortgages, whose balance sheet relies on Net Interest Margin, and whose income statement is dependent on trading volumes. Now, it is Citi's turn. Moments ago the bank reported uberadjusted EPS of $1.02 missing expectations of $1.04, unchanged from a year ago, and revenues, ex CVA/DVA, of $18.2 billion, down 5% from Q3 2012, and missing expectations $18.71 billion, by over $500 million.