Citigroup needs a new strategy for its lagging Asian consumer banks

Covid-19 hit Citi with $17.5 billion in credit losses and allowances, two-thirds of which were in global consumer banking. A $900 million payment erroneously sent to Revlon Inc.’s lenders shaved off 0.3 percentage point from last year’s 6.9% overall return on tangible common equity, leaving it woefully short of the 14% return at JPMorgan Chase & Co.

from Banking/Finance-Industry-Economic Times https://ift.tt/3blRU0C