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...Fraser told investors last month that the wealth management business “isn’t where it needs to be”....
...Citi’s investment banking division, like rivals on Wall Street, has struggled because of a lack of deals, while its trading business recently reported a lacklustre second quarter....
...Paco Ybarra, Citigroup’s investment banking head and leader of the bank’s biggest business unit, is to leave the company in the most significant management departure since Jane Fraser became chief executive...
...Fraser, a veteran of the consulting firm McKinsey and investment bank Goldman Sachs, took over in early 2021 with a mandate to fix Citi after the bank had underperformed its peers for years....
...(3) Citi is our #1 large-cap bank investment....
...Fraser said Raghavan would start at Citi in the summer....
...In the end, the job went to Raghavan, a man, about the same age as Fraser....
...But Raymond McGuire, formerly of Citi and now at boutique investment bank Lazard, insists that Fraser’s plan is exactly what’s required if Citi is to compete with rivals on Wall Street and elsewhere....
...The biggest profit driver was Citi’s corporate and investment bank, where fees jumped about 50 per cent from a year ago....
...Fraser and her team have yet to put a number on job cuts or a cost reduction target, or name who will lead its investment, commercial and corporate bank....
...In today’s newsletter: Jane Fraser’s bold hire at Citigroup Private credits hunt for yield Sequoia’s clean-up job Citi bets on one of JPMorgan’s top bankers Investment bankers at JPMorgan Chase sometimes...
...At Citi, chief executive Jane Fraser has continued to reiterate the bank’s commitment to its Chinese operations....
...This would split the Institutional Clients Group into three business segments: investment and corporate banking, global markets and transaction services. The units would report directly to Fraser....
...Compare that with the declines recorded for markets and investment banking. Providing more details on this less promoted unit would improve investor perception of Citi’s prospects....
...Citi also said it was launching a search for a new head of its corporate, commercial and investment bank, one of the five new units....
...Its investment banking division also performed well, with fees up more than a fifth to almost $1bn, the business’s best result in more than two years....
...Nor has Fraser named a permanent head of its investment, commercial and corporate bank, a crucial position in the new management structure....
...Fees from investment banking rose for the first time since the final quarter of 2021....
...of which was to cull regional managers and reorientate the bank around its five main businesses, run out of its US headquarters in New York by managers who directly report to Citi chief executive Jane Fraser...
...The clock is also ticking with investors who feel that Fraser should move more decisively....
...Chief Jane Fraser recently hired Andy Sieg, the former president of Merrill Lynch Wealth Management, to revive the bank’s wealth business....
...BlackRock is also building tools to help its investment professionals gather financial and other data for research reports and investment proposals, as well as a language translator, according to the memo...
...worked on the Fraser Institute’s index....
...The Splunk transaction is also a huge win for boutique investment firms....
...Goldman Sachs and Morgan Stanley, whose businesses skew more towards investment banking and money management, report earnings on Tuesday....
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