retail banking network generated 25,000 wealth referrals between January and May - up 18% over the same period in 2022 - she noted. An effort unveiled by Citi in 2022 to generate more income from its wealth unit has yet to yield fruit in the first quarter, global wealth management revenues declined by 9%.īut Fraser pointed to a number of positive indicators, including increased activity in Asia. Meanwhile, headwinds in the broader economy slowed the bank's wealth and investment banking business lines during the second quarter.Ĭiti's wealth business generated revenues of $1.8 billion, down 5% year over year. "We don't have a large number…in our portfolio, but that is where we're seeing more of the normalization happening on the payment rates," CEO Jane Fraser said on the conference call. To date, the most significant downdraft has come from borrowers with lower FICO scores. ![]() ![]() "We still expect for both portfolios to hit those normal levels some time at the end of the year," Mason said on a conference call with investment analysts. But fast forward six months, and that will likely no longer be the case. Historically in Citi's branded cards business, the average net credit loss rate ranged from 3%-3.15%, while in its retail services business, the average loss rate ranged from 5%-5.5%.
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