Citi Considers Shedding Businesses
By BankersBall on Oct 23, 2007 in Cube Life, Job Hunting
Which ugly duckling will get the boot? An anon source speculates that a review of low return businesses could put the insurance, brokerage, private banking business or mortgage businesses in the spotlight.
Though nothing’s set, an anonymous source tells the FT that Citi is considering how to lose some weight. Wielding the power will be the newly formed treasury group, under the leadership of Zion Shohet, responsible for “identif[ing] poorer performing units in a bid to allocate capital more efficiently.”
The source tells the FT that CEO Charles Prince, not surprisingly, will be up for review by year’s end. Another commenter speculated that Prince could voluntarily leave, leaving a replacement to administer “shock therapy”, spin-offs or a combination to the bloated bank.


Post a Comment