View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
January 17, 2012updated 04 Apr 2017 3:44pm

Citi Private Bank boosts ICG’s poor results

Citi Private Bank was one of the few bright spots for Citis Institutional Clients Group (ICG) as it posted poor 2011 fourth quarter and full-year results. Citis private banking division, which is part of Citis ICG, was almost the only part of the ICG division to record a profit. The private banking unit reported fourth quarter revenue of $519m, up 4% on a year-on-year basis from $501m at the end of 2010. Total private banking revenue for 2011 was $2.15bn, a 7% increase from 2010 when it was $2bn.

By Galen Stops

Citi Private Bank was one of the few bright spots for Citi’s Institutional Clients Group (ICG) as it posted poor 2011 fourth quarter and full-year results.

Citi’s private banking division, which is part of Citi’s ICG, was almost the only part of the ICG division to record a profit.

The private banking unit reported fourth quarter revenue of $519m, up 4% on a year-on-year basis from $501m at the end of 2010.

Total private banking revenue for 2011 was $2.15bn, a 7% increase from 2010 when it was $2bn.

 

Investment banking revenue almost halved

In contrast, ICG’s investment banking division’s 2011 fourth quarter revenue was almost half what it was in the fourth quarter of 2010, slumping 45% from $1.2bn in 2010 to $638m at the end of 2011.

Overall the investment banking unit suffered a 14% decrease in revenue, dropping from $3.8bn in 2010 to $3.3bn in 2011.

 

Chinese JV could provide timely boost

However, Citi’s revenues could potentially receive a significant boost from the recent news that it’s been granted regulatory approval to set up a joint venture securities firm in China, Citi Orient Securities.

Citi Orient Securities will allow Citi’s investment bank to trade directly on the Chinese domestic capital markets, subject to regulatory approval.

 

 

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International