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.
The annual listing of great places to work in the UK now includes Admiral in the top 10, the only business from the financial services sector to be found there.
It has been a reward for all their hardwork it seems, since Admiral also received the special status of laureate because it has been in the top 50 for the last 5 years. One of the key elements of any great place to work is trust between employees and managers, something Admiral has been commended for.
This fantastic achievement is sure to be seen as just reward for all the staff at the company whether they work in the Admiral car insurance department or any other part of the business. They have all worked together to make the organisation what it is today.
An approach has been made by Lloyds TSB for German bank Dresdner as the well known UK financial institution looks to maximise retail opportunities across Europe.
Lloyds TSB has ridden the credit crunch very well and as such it is in a very strong position compared with many others. This is why it is making tentative enquiries regarding the German bank, valued at around GBP6 billion. It has a keen interest in the German market generally as it is also looking at a couple of other big name German banks that are potentially for sale.
At the moment there is no immediate need for action so Lloyds TSB will seek the views of their shareholders as to their thoughts on how they wish to see their funds invested before making any further steps toward purchase.
