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.
Don't.
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.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
