Like Bank of America, Citigroup is a behemoth in the financial services industry, made up of a number of units including brokerage, investment bank, and wealth management and consumer lending divisions, with over US$1.9 trillion in total assets and maintaining more than 200 million customer accounts in over 160 countries. The 2008 financial crisis and its aftermath hit Citigroup very hard, resulting in US$90 billion in losses, which led to selling off or divesting from underperforming industries. Citigroup than sold several commercial lending lines to GE Capital, fully exited the student loan market, and planned to sell its CitiMortgage and CitiFinancial divisions. Going forward, Citigroup refocused on traditional banking and continued unloading toxic assets and non-core business units.
Like Bank of America, Citigroup is a behemoth in the financial services industry, made up of a number of units including brokerage, investment bank, and wealth management and consumer lending divisions, with over US$1.9 trillion in total assets and maintaining more than 200 million customer accounts in over 160 countries. The 2008 financial crisis and its aftermath hit Citigroup very hard, resulting in US$90 billion in losses, which led to selling off or divesting from underperforming industries. Citigroup than sold several commercial lending lines to GE Capital, fully exited the student loan market, and planned to sell its CitiMortgage and CitiFinancial divisions. Going forward, Citigroup refocused on traditional banking and continued unloading toxic assets and non-core business units.
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