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

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup    C

CITIGROUP (C)
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

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 [email protected]

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
12:22p CITIGROUP : Dimensional Fund Advisors LP Trims Stake in Vedanta Limited
10/21 CITIGROUP : Declares Common Stock Dividend and Announces Adjustment to Warrant E..
10/20 CITIBANK : Extends Quick Lock Convenience to Debit Cards
10/20 Factbox - Impact on banks from Britain's vote to leave the EU
10/20 Lloyds investor lawsuit over HBOS deal 'fundamentally flawed', court hears
10/20 $1.2BN DEBT : 13 banks hire Barclays to find new investors for 9mobile
10/19 CITIGROUP : Hayes given right to challenge Libor-rigging confiscation order
10/19 DAVID HENRY : U.S. bankers hold onto hopes that Trump will boost profits
10/18 DAILY DIVIDEND REPORT : C, ntrs, xrx, nrg, bco, cdr, hope
10/18 DAVID HENRY : U.S. bankers hold onto hopes that Trump will boost profits
More news
News from SeekingAlpha
08:59a OCWEN : Darkest Before The Dawn?
10/20 Tracking Ken Fisher's Fisher Asset Management Portfolio - Q3 2017 Update
10/19 Renewed Operating Leverage From U.S. Bancorp Nice To See
10/19 CITIGROUP : Tread Very Carefully
10/19 JPMORGAN CHASE : If I Had To Own Just One Bank Stock...
Financials ($)
Sales 2017 71 707 M
EBIT 2017 27 753 M
Net income 2017 14 482 M
Debt 2017 -
Yield 2017 1,31%
P/E ratio 2017 13,81
P/E ratio 2018 12,43
Capi. / Sales 2017 2,79x
Capi. / Sales 2018 2,70x
Capitalization 200 B
Chart CITIGROUP
Duration : Period :
Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 75,3 $
Spread / Average Target 2,4%
EPS Revisions
Managers
NameTitle
Mike Louis 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 CFO & Principal Accounting Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP23.73%200 337
JP MORGAN CHASE & COMPANY15.32%350 172
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD41.50%324 236
BANK OF AMERICA22.94%286 659
WELLS FARGO-0.34%270 639
CHINA CONSTRUCTION BANK CORPORATION34.01%239 293