Citigroup (NYSE:C) has announced its intention to sell its credit management and credit services business, a move aimed at increasing its focus on providing wealth structuring advice to global clients. The decision is part of a broader strategy by CEO Jane Fraser to boost the bank’s performance by reducing costs and streamlining operations.
The sale is in line with Fraser’s comprehensive restructuring plan, which targets wealth management as a vital area to enhance Citigroup’s profitability. In a strategic shift, the bank has phased out several international retail banking operations, and earlier this year, the bank opted to close its municipal securities division.
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The overhaul has seen significant leadership changes, including the appointment of Andy Sage of Bank of America to lead the transformation of its wealth management unit. Citigroup’s move to liquidate non-core services underscores its commitment to improving its business model and improving returns for shareholders.
Reuters contributed to this article.
This article was translated with the help of an artificial intelligence program after an editor’s review. For more details please refer to Banha Terms and Conditions
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