We’re happy to say that Citi (C) is finally started to slim itself down, jettisoning parts, raising cash and streamlining.
Problem is, they’re doing it in seriously small baby steps.
The company announced this morning that it’s selling its Japanese NikkoCiti trust bank to Noumura securities for a not-so big $197 million. That’s it.
“This transaction is in line with Citi’s stated global priority to allocate capital and focus its resources on the best growth opportunities. Citi will maintain a strong presence in securities services and transaction services in Japan. We see significant opportunity for these businesses in Japan, which play to Citi’s key strengths.” said Nikko Citi Holdings CEO Douglas Peterson.
It’s funny that they should choose to highlight its “strong presence” in the Japanese market, given that the bank was just dinged for its lax anti-money laundering controls and told to suspend certain retail services for one month.
Seeing as we own so much of this company, can we please vote to break them up a bit more aggressively than this?
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