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Lessons learned in China are shaping our digital business in the US, Citigroup exec says

Citigroup’s long-time presence in mainland China is paying off as the American lender builds out its digital capabilities in the United States, according to the head of its global consumer banking business.Stephen Bird, the chief executive of Citi’s global consumer bank, said the lender has used the lessons it has learned from the evolution of digital payments and banking services in mainland China as a “clarion call of where the world is going and will go”.“Through the development of your… Source link

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Citigroup faces US$180 million loss on loan to Asian hedge fund

Citigroup faces losses of as much as US$180 million on loans made to an Asian hedge fund whose foreign exchange wagers have gone awry, prompting board level discussions and a business shake-up, according to a person briefed on the matter. The hedge fund and Citigroup are in discussions on the positions and how they should be valued, said people with knowledge of the talks, who asked not to be identified because the discussions are private. The situation is fluid and the eventual losses may end up being smaller depending on…

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Citigroup is eyeing the exit from its China Securities venture, say people familiar with the matter

Citigroup may seek to exit its securities joint venture in China in favour of a set-up where the US bank can wield majority control, according to people familiar with the matter. Talks with existing venture partner Orient Securities about Citigroup raising its stake to 51 per cent from 33 per cent haven’t led anywhere, leading executives to start weighing other options, the people said. Citigroup also wants the venture to push into equities and fixed-income trading, a move that would put it in direct competition with Orient Securities, they said.…

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US-China trade war pushes firms to accelerate supply chain shift to Asean, Citigroup says

An escalating trade war between the US and China is causing companies caught in the crossfire to accelerate plans to shift portions of their supply chains out of the mainland, with Southeast Asia slated to benefit from the disruption of trade flows, according to a Citigroup official. Gerry Keefe, Citi’s head of corporate banking for Asia-Pacific, said that rising trade tensions have caused some clients to bring forward plans to move capacity out of China to other parts of Asia, a trend that has been ongoing for several years as…

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