What will happen to Citi in Aus?

14 January 2009

1 minute read

Citigroup is merging its Smith Barney brokerage with Morgan Stanley's wealth management unit, but what will happen to its Australian consumer financing business?

Speculation is growing that the large Australian banks and HSBC are the prime contenders if the embattled US banking giant decides to sell its local credit card and personal lending operations.

Would buying a chunk of Citi be a sensible acquisition to bolster one of the Big Four? Citigroup is already the fifth biggest credit card provider in Australia, operating the card portfolios of Suncorp Metway and Bank of Queensland.

What will/should happen to Citi down under? And on an international level, should we mourn the failure of Citigroup's global experiment to offer a one-stop financial shop?

AUTHORAnonymous

Insider Comment

Si
Simon Mortlock
21 January 2009
Hi Citi Worker
Would be good to have a chat about your experiences.
Feel free to email me on: smortlock@efinancialcareers.com
Regards.
Simon Mortlock
Editor, eFinancialCareers
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Ci
Citi Worker
21 January 2009
Citi is pretty grim at the moment and is a terrible place to work. Who knows what will happen and who will end up in the good bank or bad bank?
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Ma
Mark
16 January 2009
Citi is finished globally and obviously here. Sure it may limp on as an organisation but why would anyone with any talent work at Citi now?They are owned by taxpayers and rewards will be like any public servant..only without the job security. "I'm a Citibanker" won't be such a proud statement.
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Ma
Max
16 January 2009
Sad to see the Big Giant to collapse in this way. But this is life!
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Ra
Radioman
14 January 2009
NAB would snap up the consumer biz
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