Earlier this week, I noted that Citi were advertising the fact that they spent a billion dollars on global transaction services (GTS) in 2009.
This is an investment in new infrastructure that delivers global real-time transaction services fit for the 21st century, and was one of the core messages on their booth at SIBOS:
For a bank that has needed government support to survive, some might question such spend.
According to Citi's folks this is an intelligent investment, as GTS turns over $9 billion in revenues and $3 billion in income, as detailed in their latest results.
GTS is one of the best parts of Citi, so leave it well alone and keep on pumping investment into it.
I wouldn't say the same about the investment banking division, but then much of that has been sold off, so Citi's gradually getting back to doing what it does best.
Commercial and retail banking.