Hold Citibank responsible: Citi’s new boss could grow or shrink to greatness

From Reuters:

NEW YORK (Reuters Breakingviews) – Jane Fraser, the new boss of Citigroup, says she wants her bank to be excellent. Much of what the $150 billion U.S. lender does at the moment is middling. If Fraser can clean up Citi’s tattered image, brilliance could come from bulking up. Otherwise, a breakup could shine more brightly. Both routes come with challenges.

The Scot hinted at the slimming-down approach last week when she said Citi will sell a collectively unprofitable group of retail networks across Asia and Europe, barely two months into her tenure as chief executive. While Fraser isn’t talking about dismantling the empire, which reaped $73 billion in revenue over the last four quarters, it’s worth totting up the value of its three main chunks.

3 x 1 = 2.5

Start with Citi’s banking business in the United States. While it’s a huge credit-card issuer, both under its own name and for brands like Best Buy and Macy’s, Citi’s assets place it a distant fourth after JPMorgan, Bank of America and Wells Fargo, according to Federal Reserve data. That jars with Fraser’s claim that she wants Citi’s divisions to occupy market-leading positions.

Continue reading Citi’s new boss could grow or shrink to greatness on Reuters

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