Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup Inc    C

Delayed Quote. Delayed  - 09/30 10:00:10 pm
47.23 USD   +3.12%
05:11p SOLARCITY : Citi map out $347M financing plan for solar projects
09/30 SOLARCITY : Citigroup, SolarCity reach deal to cover upfront install..
09/29 CITIGROUP : Citi joins clearXchange P2P network
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Citigroup Inc. : Citi to Shut Half its Greek Branches

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/21/2012 | 11:46pm CEST

Citigroup Inc. (C) is closing nearly half of its 37 bank branches in Greece, almost four years after it first decided to exit retail banking there.

Citi blamed the ailing Greece economy for the decision to close 16 branches there; about 170 employees will lose their jobs, according to a person familiar with the matter. Selling a bank in Greece proved tough in the European fiscal crisis that pushed Greece and other European countries in deep economic trouble.

The bank will keep 21 branches in Athens and Thessaloniki until a buyer is found for its remaining Greece retail banking, credit card and consumer lending businesses.

Citi has been selling or shuttering its retail banking and consumer lending businesses in several European countries, including retreats in Scandinavia and from its much larger retail banking business in Germany. Citi recently sold its Citibank Belgium and its U.K. online bank Egg Banking PLC, among other consumer businesses.

In 2009, it created Citi Holdings, a division that manages all assets and business that Citi decided wouldn't fit with more narrowed strategy following the financial crisis. It has scaled back and restructured several hard-to-sell businesses in its holdings division, including its OneMain Financial consumer lending business in the U.S.

Citi has said it sold more than 60 businesses and reduced assets in Citi Holdings by more than $600 billion since the financial crisis began.

Meanwhile, the Citi continues to concentrate its U.S. retail banking branches in large cities. Those Citibank branches remain part the core operations Citi wants to keep and grow.

It will close nine of its 31 Citibank branches in Massachusetts that aren't in Boston; customers there will be informed after Thanksgiving. It is unclear how many positions will be eliminated.

"Boston remains a U.S. key market for Citibank," a Citi spokeswoman said. The Boston Herald previously reported the branch closings.

For years, it has closed Citibank branches outside the cities it considers key to its urban banking strategy and opened branches in big cities, including New York. The bank added five branches so far this year, one in San Jose, Calif. and four in New York City, the spokeswoman said. It is planning to open another three in December in Florida, Pennsylvania, and California.

More branch openings are planned for early next year; Citi wants to keep the number of branches steady at around 1,000 in the U.S., the spokeswoman said.

Write to Matthias Rieker at matthias.rieker@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CITIGROUP INC
05:11p SOLARCITY : Citi map out $347M financing plan for solar projects
09/30 SOLARCITY : Citigroup, SolarCity reach deal to cover upfront installation costs ..
09/29 CITIGROUP : Citi joins clearXchange P2P network
09/29 SOLARCITY : Creates Funds to Finance Over $347 Million in Solar Projects for Hom..
09/29 SOLARCITY : creates $347 million funds to finance solar projects
09/29 TI Fluid Systems looks to raise 600 million euros in London debut
09/28DJAnalysts See 57 Billion-Cubic Feet Rise in U.S. Natural-Gas Inventories
09/28 CITIGROUP : C) Closes Reinsurance Deal with Munich Re
09/28 CITIGROUP : Citi Joins Early Warning’s clearXchange® Network
09/28 MTN : denies Illegally transferring US$14bn out of Nigeria - The Zimbabwe Indepe..
More news
Sector news : Banks - NEC
06:37p COMMERZBANK : German bank regulator warns of negative perception spiral
05:17pDJDEUTSCHE BANK : Current and Former MPS, Deutsche Bank, Nomura Executives Charged..
03:52pDJDEUTSCHE BANK : Current and Former MPS, Deutsche Bank, Nomura Executives Charged..
03:48pDJDEUTSCHE BANK : Current and Former MPS, Deutsche Bank, Nomura Executives Charged..
03:39pDJDEUTSCHE BANK : Current and Former MPS, Deutsche Bank, Nomura Executives Charged..
More sector news : Banks - NEC
News from SeekingAlpha
09/30 Gain Over 80% With This Unfairly Punished Stock
09/30 Banks lead averages to session highs on Deutsche settlement report
09/30 Deutsche Bank Saga Is Brexit All Over Again
09/29 GUNDLACH : 'Stay away' from difficult Deutsche Bank; shares -6.5%
09/29 Stocks add to losses on Deutsche worries
Advertisement
Financials ($)
Sales 2016 70 040 M
EBIT 2016 27 200 M
Net income 2016 13 155 M
Debt 2016 -
Yield 2016 0,91%
P/E ratio 2016 10,27
P/E ratio 2017 9,33
Capi. / Sales 2016 1,96x
Capi. / Sales 2017 1,91x
Capitalization 137 221 M
More Financials
Chart CITIGROUP INC
Duration : Period :
Citigroup Inc Technical Analysis Chart | C | US1729674242 | 4-Traders
Full-screen chart
Technical analysis trends CITIGROUP INC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 54,2 $
Spread / Average Target 15%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Mike L. Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Chief Operations & Technology Officer
John C. Gerspach Chief Financial Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP INC-8.73%137 221
JPMORGAN CHASE & CO.0.85%240 522
INDUSTRIAL AND COML BA..-3.06%233 356
WELLS FARGO & CO-18.54%223 417
CHINA CONSTRUCTION BAN..-10.55%185 602
BANK OF AMERICA CORP-7.01%159 705
More Results