Citigroup Inc displayed some of the financial bruises required for its current restructuring as it reported a 26% drop in fourth-quarter profit on Friday.
Fraser said the decision on the Mexico business is the last big move to come from the new strategy which will focus more tightly on Citigroup's institutional businesses."Our vision for Citi is to be the pre-eminent bank for institutions with cross-border needs," Fraser told analysts, adding that it also aims to be a "global leader in wealth, a major player in consumer payments and lending in the home market.
The profit drop had sent the company's shares down as much as 3.5% in early trading, but they pared losses after CFO Mason confirmed that company would resume share buybacks as planned.Citi had suspended buybacks in the fourth quarter to build capital ahead of charges for shutting down its Korean consumer business and the impact of a new rule on capital for derivatives risk.
"Spending rates have picked up, which is good, but we have to see that materialize into average interest-earning balances which means payment rates have to normalize," Mason said.
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