Huge salaries and no growth: Why Citi is quitting Australia

Posted by Anton Murray Consulting on . Posted in News


She described the review of Citi’s regional consumer business as a “clinical” process, suggesting a more swift, decisive leadership style to her predecessor. During the bank’s first-quarter earnings call last week, Ms Fraser announced the sale of Citi’s consumer business in Australia. The announcement was upbeat and brutally honest: “We don’t have the scale to compete,” she said. “We simply aren’t the best owners of [the Australian consumer business] over the long term. Our capital and resources are best deployed elsewhere.” The bank will now focus on its core wealth business across key hubs in the US, Mexico, Singapore, Hong Kong, the UAE and London.

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