At the same time Citigroup sells off chunks of its "bad bank" Citi Holdings, it is selectively hiring for businesses that remain with its core Citicorp division. Job growth will likely concentrate in four areas: services for high-income U.S. consumers; emerging market retail banking; cash management; and equities and commodities within Citi's investment bank.
That's the key takeaway from recent remarks by Citigroup Chief Executive Vikram Pandit in a Financial Times interview and an investor presentation Thursday.
The "landmark" product for Citi's international consumer business is a premium account called CitiGold for affluent customers, Pandit told the FT. Meanwhile, Citi is refocusing its U.S. retail bank on higher-income clients and premium services.
Citi Chief Is On a Mission of Transformation [FT]
Citigroup Sees Return To Sustained Profitability [Reuters]
AIG Workers to Give Up $45 Million to Uncle Sam [WSJ]
Big Majority Wants Wall Street Regulation [Reuters]
New York Catches Up to London as Finance Center
Goldman's Flamand Leaves To Start His Own Fund [MarketWatch]
K.K.R. Files for an N.Y.S.E. Listing [NY Times]
Obama Plans to Tap Yellen for Fed Vice Chairman [Bloomberg News]