(AOF) – The chief executive of Citigroup, Jane Fraser, plans to dismantle the largest division of the bank, says the Financial Times. The plan would split the Institutional Clients division – which generated nearly three-quarters of Citi’s $14.8 billion in net income – into its three main business segments: corporate and investment banking, capital markets global and transactional services.
The newly created units would be led by their current leaders, who would report directly to Ms. Fraser, giving her greater day-to-day control.
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Despite turbulence, fintechs stay the course
According to the BCG, in mid-2021, all of the fintechs listed in the world were valued on average twenty times their income, i.e. a valuation of around 1,300 billion dollars. This figure had more than quadrupled in three years. At the end of 2022, this multiple was divided by five, with average valuations limited to four times earnings. Nevertheless, the BCG considers that the sector should register a jump in its growth by 2030, with a sixfold increase in revenues for fintech. After payments, development should mainly come from fintech banking, with the boom in turnkey services for businesses and professionals (“banking-as-a-service”).