Banks will probably generate more reliable profits, though not at the high levels preceding 2008’s crisis, as firms adapt to new rules and pressure to cut risk, Citigroup Inc. Chief Executive Officer Michael Corbat said.
Citigroup earned less from running a bank in Japan than its global chief executive officer’s salary last year, helping explain why the U.S. bank is considering selling the consumer business as Abenomics crushes loan returns.
Citigroup CEO Mike Corbat, speaking at the Sanford Bernstein conference on Thursday, said there were “telltale” signs about the fraud in the bank’s Mexico unit.
Equities and fixed-income are challenging.
Citigroup CEO Michael Corbat spent almost three months talking about his intent to change the bank’s culture after fraud and a regulatory review exposed weak controls. Yesterday he took action.
More will face punishment.
One person has already been terminated.
The two men at the top of Citigroup acknowledged on Tuesday that the company must do more to simplify itself.
Expenses and efficiency.
Citigroup agreed to pay $1.13bn to settle claims from mortgage-bond investors as it seeks to curb liabilities tied to the financial crisis. It took a $100m first-quarter charge.