Citibank has revealed that it intends to reduce its portfolio having suffered at the hands of the sub prime lending difficulties in the USA.
Of all the financial institutions to suffer over the American mortgage problems Citibank felt the pain more than any other. The sub prime area of lending is one that they were heavily involved in. Due to this they are to sell around 20 percent of their assets over the next couple of years, worth around USD400 billion.
They have already announced the areas of business where the cuts will be made, namely consumer banking and securities banking. Citibank has stated it has an objective of generating revenue growth of 10 percent within 36 months, and these cuts are part of their plan. By freeing up resources they can focus more on the areas where growth can be achieved whilst reducing their exposure to potentially difficult markets.
,p>The Alliance and Leicester current account offer that has a credit interest rate of 8.5 percent gross is being extended until the end of September according to a recent announcement.
The move has been made to encourage more consumers to save regularly, the high interest rate being a real eye catcher designed to highlight the benefits of saving. The accounts that are included in this Alliance and Leicester promotion are the Premier 50 and Premier Direct current accounts.
Younger savers also have an extension on their own promotion. The Alliance and Leicester Premier 21 account is a current account specifically for those aged between 16 and 21 which is offering a 10 percent interest rate during the promotional period.
According to a recent Alliance and Leicester survey of 16 to 21 year olds in the UK, the ideal occupation would be a professional, and very famous, musician.
Over a thousand young people were surveyed to gain a better understanding of this valuable market segment, since the Alliance and Leicester current account is perfectly suited to the needs of young people. It seems that the youth of today aspire to be famous, seeing wealth come as part of the package.
As said, musician tops the list, followed by a role in the media, a socialite – which means no career at all most people over 21 would argue – and then fashion designer. As a top 4 it bears little resemblance to what is likely to be the reality for 99.9 percent of them, but it is always good to dream and maybe the Alliance and Leicester can help them manage their money so they can feel like they are rich.
