加拿大华人论坛 加拿大生活信息Citigroup Will Exit 11 Markets - The Financial Impact Of Thi
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SummaryCitigroup announced its plan to shut down operations in 11 countries. The regions where the shutdown is currently planned contribute about 5% to the firm’s total consumer banking revenues.Citigroup intends to operate in 24 markets and serve about 57 million clients, allowing the group to capture about 95% of the Global Consumer Market.The group delivered strong results in its third-quarter earnings release for 2014.The Mexican fraud scandals could possibly damage the credibility of the bank to a great extent, especially if such news continue to pour in.Share prices are between the 52-week range of $45.18-$55.28. The P/E ratio looks strong at this point, coming in at 16.37. Share prices are targeted to reach $59.21 in a year.Following the announcement of its third-quarter earnings, Citigroup (NYSE:C) announced its plan to shut down operations in 11 countries. This move was made following the strong results that the Global Consumer Banking segment posted during the third quarter. This shutdown is limited to the retail banking business that the group pursues in smaller countries like Egypt, Japan, Hungary, Guam, Czech Republic, El Salvador, Costa Rica, Panama, Peru, Nicaragua and Guatemala. This move will leave thousands of customers across Central America and Eastern Europe in search of other banks to place their deposits in, and seek loans from, as the group focuses on capitalizing in high growth markets where it has the ability to be more competitive. The bank is currently focused on enhancing its market share, an approach that thereby leads to significant increases in revenue generation for any company. The regions where the shutdown is currently planned contribute about 5% to the total consumer banking revenues of the company, so the financial impact of this move is not expected to be severe, as these regions were less profitable to begin with.
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