RSS Feed (xml)

Powered By

Skin Design:
Free Blogger Skins

Powered by Blogger

Saturday, January 17, 2009

Good bank & Bad bank

Citigroup Inc, has decided to split into two units and shed troubled assets.
The bank once the largest in the world has racked up more than $92 billion of credit losses and write downs over the past 15 months, making it among the largest victims of a credit crunch that has shaken the global financial system. The bank also reported a quaterly loss of 8.29 billion.
It has now decided to split into two operating units commonly known as a "good bank/bad bank" strategy. Citigrps core commercial, retail and investment banking worldwide-the good bank-will be reorganised as Citicorp and led by Vikram Pandit.
the other unit to be called Citi Holdings-will include brokerage,retail asset management, consumer finance and a pool of risky assets.

No comments: