In a recent statement, Citigroup CEO Jane Fraser noted that radical changes are coming in order to simplify the bank.

The executive spoke of a “major management reorganization that will allow her to more directly supervise her businesses, in an attempt to simplify the bank.”

According to Fraser, from now on, the directors of the bank’s five businesses become directly dependent on her orders. “Among them, Shahmir Khaliq, who heads services, Andrew Morton in markets, Peter Babej for investment and corporate banking, Gonzalo Luchetti in consumer banking in the United States, and Andy Sieg in wealth, when he joins the company at the end of this month”.

With the adjustments that will be applied in Citigroup it will be possible to comply with all its obligations to shareholders. Among the transformations is the division of the Institutional Clients Group, in addition to the elimination of the leadership of that business.

“The new model will eliminate some international leadership functions, as well as its personal banking and wealth management divisions,” Fraser stressed.

It is speculated that there will also be plans to cut staff to adjust to the radical changes in search of the aforementioned simplification of the bank.

M.Pino

Source: finanzasdigital

(Reference image source: Declan Sun, Unsplash)

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La entrada Citigroup will seek for simplification with radical changes apareció primero en Bitfinance.

The US bank Citigroup has announced its intention to extend the scope of its withdrawal from the Russian market, from which it had already announced its intention to leave the consumer business, as well as the cessation of the search for new businesses or clients in the country.

“In April 2021, we announced our intention to exit our consumer business in the country. We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure,” confirmed Edward Skyler, Executive Vice President of Global Public Affairs at Citi.

In this sense, the executive has indicated that the entity is working urgently to complete the evaluation of its operations in Russia, although he warned that due to the nature of banking and financial services operations, it will take time to execute the decision.

Citigroup meets its legal obligations

In addition, Citi has decided to stop soliciting new business or clients in Russia, while providing assistance to multinational corporations, many of which are undergoing the complex task of unwinding their operations.

“We will continue to manage our existing regulatory commitments and obligations to depositors, as well as support all of our employees during this very difficult time,” he added.

Citigroup revealed an exposure to Russia of about 10,000 million dollars (9,160 million euros).

Source: dpa

La entrada Citigroup extends its withdrawal from the Russian market apareció primero en Bitfinance.

International financial institutions are entering the blockchain ecosystem. This was highlighted in the research carried out by the Blockdata consultant, which reflects that “55 of the 100 main fundamental banks have investment participation in blockchain technology companies, crypto initiatives or specific projects through subsidiary companies.”

This trend has been increasing in the market of the cryptocurrencies for months, so financial companies are more focused on developing projects and initiatives related to crypto assets in order to provide better and innovative services to their customers.

The study also emphasizes that the custody service occupies 25 % of participation in the 100 larger banks. “Financing in startups blockchain has grown considerably, to double the levels reached in 2020″, stresses the Blokdata document.

The growth of the demand of users to invest in cryptocurrencies, the income that new companies in the sector have reported, as well as the regulatory and legal measures that States and Governments are taking with respect to the crypto coins are determining factors for the traditional financial sector to participate in this new market.

Blockdata said that within the actors who participated in the study are Barclays, Citigroup, Goldman Sachs, JPMorgan and BNP Paribas, which offer you, within its product portfolio, different investment initiatives in digital assets for its users.

M. Rodríguez.

Source: themoneypost.io.

La entrada Major international banks have investments in blockchain projects apareció primero en Bitfinance.

Citigroup Inc. reported on Monday, July 12, that it will sell its operations in Venezuela to Banco Nacional de Crédito (BNC), ending more than a century of operations in the country.

The institution has already obtained the necessary permits to carry out this transaction, it only remains to wait to finalize the agreement with the BNC next week, as indicated in a statement.

Citigroup arrived in the country in 1917, establishing its branches in order to provide financial services to international companies that made life in Venezuela.

BNC operates approximately 120 offices, six regional subsidiaries and a branch in Curaçao. According to the statement, the bank will take advantage of the Citigroup acquisition to offer products to Venezuelan companies and multinational corporations.

K. Tovar

Source: El Nacional

La entrada Citigroup will sell its operations in Venezuela to BNC apareció primero en Bitfinance.

The Swiss institution Citigroup recently assured that bitcoin would be close to becoming “the currency of choice for international trade.”

Despite this, the group noted that there are a number of difficulties that “stand in the way of bitcoin’s progress. Therefore, the future of bitcoin is still uncertain, but short-term developments are likely to prove decisive as for the currency to equilibrate at the tipping point of widespread acceptance or a speculative implosion.”

Today, the biggest rival to cryptocurrencies are banking institutions, who argue that these types of assets do not have “intrinsic value.” Despite these, different banks have taken the step forward to offer bitcoin custody services, such as BNY Mellon.

One of the cons that banks highlight is that bitcoin is highly volatile. After hitting its all-time high of $ 58,000, the price plummeted $ 10,000 in less than a week. Similarly, in the year it already rose more than 60 % and 460 % in the last twelve months.

K. Tovar

Source: Bitfinanzas

La entrada Citigroup sees bitcoin at a “tipping point” apareció primero en Bitfinance.