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...Consultants who were assigned the AI tool were more productive than those who were not. They worked quicker and work was of a higher quality....
...It also comes as Citi is cutting thousands of jobs as part of big reorganisation. A Citi spokesperson said: “Enhancing client experience is our number-one focus....
...We est. that Citi’s market value implies an ROTCE of only about 5-6%, or about half Citi’s target of 11-12% in 2025E-2026E. (c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...Also, “Citi is neither endorsing cryptocurrencies nor providing a view or recommendation on a particular cryptocurrency. Nor does Citi have a view on the regulatory status of cryptocurrencies.” Etc....
...A former McKinsey consultant, Fraser wants strategy to drive job cuts and reassignments, rather than the other way around....
...“There’s been a strong external and as well as internal in Citi reaction to someone of Vis’s capability and stature joining Citi in this role,” said David Livingstone, Citi’s chief client officer....
...Citi offers attractive value relative to its peers. Currently, Citi’s price to tangible book value ratio — at just 0.6 times — is the lowest among the largest US banks....
...The changes Fraser outlined last year are resulting in at least 20,000 job cuts at Citi, the third-largest US bank by assets....
...The biggest profit driver was Citi’s corporate and investment bank, where fees jumped about 50 per cent from a year ago....
...The World Bank and Citi have launched a $100mn bond to combat waste, with repayments partly determined by the sale of plastic and carbon offset credits....
...Fraser said Raghavan would start at Citi in the summer....
...Solidatus’ clients currently include banks Citi and HSBC, which are also investors in the group. It has begun to expand outside Europe, opening a US base in 2022....
...In October, Citi sold its Chinese consumer wealth business to HSBC....
...At Citi, the metric eked out a 1 per cent year-on-year gain but fell quarter on quarter....
...A law firm consultant said a managing partner of a top firm once called his Newport, Rhode Island, holiday home, “the house that Citi built”, because of the deal he got on his mortgage....
...What tipped the index euphoric, notes Scott Chronert at Citi, was limited options hedging and rising margin debt: Next, momentum....
...Praise for Fraser’s historic appointment in 2021 has been followed by criticism that the former consultant needs to deliver on her promises of change more quickly....
...Several McKinsey consultants have also taken separate phones with them when visiting the territory....
...But he does need to get Citi to resemble something like JPMorgan’s scale model....
...But Andrew Kenningham, an economist at consultants Capital Economics, said price pressures “remain close to their long-term averages so are not yet at worrying levels for policymakers”....
...Citi says the reorganisation will wipe out five layers of management, cutting them down to eight from 13, with the heads of Citi’s five business units reporting directly to Fraser....
...JPMorgan, Citi and Wells will report earnings on April 12. Goldman Sachs publishes results on April 15 while Morgan Stanley and BofA will do the same the following day....
...Reuters was the first to report the filing as well as other details of Citi’s expansion plans. Citi declined to comment on the filing....
...But consultants PwC see scope for growth, reckoning on room for another 600-850 low-cost gyms, on top of the existing 756....
...Citi, UBS and BofA declined to comment on lay-offs....
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