Why Citigroup's shift to wealth management is a risky bet
Publishing timestamp: 2023-07-14 10:21:56
Summary
Citigroup's CEO, Jane Fraser, announced a shift in company strategy towards wealth management, following the struggles of the company's stock. Citigroup has exited several consumer markets outside of the United States and plans to focus on wealth management. However, the investment in wealth management has not yet paid off, with revenue falling in the second quarter of 2023. The success of Citigroup's strategy remains uncertain.
Sentiment: MIXED
Keywords: banks, citi trends inc, bank of america corp, united states, business news, asia news, europe, earnings, mike mayo, citi, markets, video first, middle east, recessions and depressions, citigroup inc,
Source: https://www.cnbc.com/2023/07/14/why-citigroups-shift-to-wealth-management-is-a-risky-bet.html