https://www.investmentnews.com/industry-news/news/wealth-unit-sale-an-option-for-citi-suggests-bofa-report-254278
11 replies (most recent on top)
i wonder if citibank will make it to complete the layoffs by 2026 or sell of the bank to the highest bidder by then
Head of Wealth Technology just left and they sent out that memo about growing Citi Wealth. Sounds like something is going on or they're just trying to find some scapegoats for the lackluster performance. I would imagine the pressure is ramping up to produce results.
There is no reality is which Citi onlysells off Wealth. If it sells Wealth then it will break up and sell everything. While it hasn't performed as a unit, its too complementary to other liens of business to lose.
Could Andy have been brought in just to sell that unit off.
This is a speculative (though reasonable) take from an equity analyst. I think clearly wealth was supposed to be a driver of closing citi’s valuation gap vs peers. It’s relatively balance sheet light and generates fees. Hence bringing Andy in and giving him keys to the kingdom. What hasn’t changed (yet) is that it’s been a massive disappointment. So we’ll see. At some point shareholders are going to demand alternatives. At any rate with all the transparency (we not report returns for the unit separately, it’s not buried in ICG/GCB) I think it will accelerate decisions here for wealth. Selling smith Barney during the crisis really crippled us and we haven’t recovered.
I’m beginning to believe that some of the posts are true in that Jane’s true agenda is to sell off parts of the bank. All in order to shrink it all down to something more manageable.
https://www.reuters.com/business/finance/hsbc-adds-over-300-china-headcount-after-citi-wealth-acquisition-2024-06-11/
Slowly dying ...
It's a BofA report.. do we have any other sources to verify the authenticity?
If Citi sold the Wealth Unit, Andy Sieg (Wealth Unit Head) will have left Bank of America for Nothing just like Citi lured away other SVCKERS from JPM Chase, GS, etc. only for the SVCKERS to get Fired under the pretense of being part of the Layoffs, because the Old Antiquated Dinosaurs disagreed with the SVCKERS fresh new ways of thinking and solutions to Fix Citi.
Newsflash, every unit at Citi that is marketable is for sale.
And so it begins!