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jerryking : citigroup   20

Citigroup CEO says machines could cut thousands of call centre jobs
February 17, 2019 | Financial Times | Laura Noonan and Patrick Jenkins in Dublin.

Citigroup chief executive Mike Corbat has suggested that “tens of thousands” of people working in the US bank’s call centres are likely to be replaced by machines that can “radically change or improve” customers’ experience while cutting costs.

Mr Corbat, who runs America’s fourth-largest bank by assets, made the comments in an interview with the Financial Times in which he also ruled out Citi’s involvement in any wave of US banking consolidation triggered by the $66bn SunTrust-BB&T merger and justified its continued presence in China.

Under pressure to bring its cost base in line with peers, Citi executives have been upfront about the impact of technology on their 209,000-strong global workforce, including last summer’s warning that as many as half of the 20,000 operations staff in its investment bank could be supplanted by machines.

Mr Corbat’s latest comments are the most explicit the company has been on how the $8bn a year Citi spends on technology could transform its vast consumer bank, which serves 100m customers across 19 markets.

“When you think of data, AI [artificial intelligence], raw digitisation of changing processes, we still have.....
artificial_intelligence  automation  call_centres  CEOs  Citigroup  layoffs  job_destruction  job_loss 
february 2019 by jerryking
Lunch with the FT: Vikram Pandit - FT.com
July 11, 2014 | FT | By Tom Braithwaite.

“For a large group of people who grew up over the past two, three, four decades, they’ve been in a very different world – it was a world of predictable growth, it was a world of the ability to finance yourself, it was a world where you could really put one foot in front of the other. You find people grappling with what’s the new sustainable model for growth. And that is true of countries, it’s true of businesses.”
At the same time, Pandit proclaims that, largely thanks to technology, “It’s never been easier to start your own business.”
Our starters arrive. Beetroot and ricotta for Pandit while I get a plate decorated with delicious oily slivers of fish and vegetables offset by the occasional crunch from puffed rice and bite of horseradish.
“Bon appétit,” says Pandit, as he slices into a beetroot and continues to extol the virtues of something he calls the “SMAC stack”. I tell him this sounds awful but, he assures me, “it’s the vernacular for the ease for which you can get into business today,” and it stands for “Social media, Mobility, Applications and Cloud.
“Data is like . . . You’re too young, but there was a movie with the [line about] plastics.” When I assure him I’m familiar with The Graduate, he says: “Data is this generation’s plastics. I don’t see business models being truly successful until you get it.”...Pandit has a fondness for big concepts and management-speak and it can be difficult to bring him down to earth. I press him for examples. “You have large auto companies saying, ‘Where is the growth?’ and, on the other hand, you have a SMAC stack that’s created Uber. What’s interesting is that all those intangible abilities are inside the auto companies to make it happen.”
He has been investing in a steady stream of companies that he thinks embody innovative ideas that might make them the next Uber, the suddenly ubiquitous taxi-ordering app. At the same time, he is chairman of TGG Group, a consulting company set up by Steven Levitt, co-author of pop economics book Freakonomics – which aims to help corporations unlock their inner Ubers....Accordingly, while many of Pandit’s new investments are financial companies – Orchard, a platform for users to trade loans; CommonBond, a student lending platform; Fundbox, which lends money to small businesses against their invoices – only one, in India, has any aspirations to be a traditional bank.
With many of his new interests, Pandit says he is looking to remove “frictions”, which happen to be the way Citi and other banks make their money: for example, the middle men that sit between a big bond manager and retail investors and charge a fee. As he points out, the wealthiest individuals are not saddled with these costs to the same extent.
Vikram_Pandit  Citigroup  Wall_Street  career_paths  start_ups  financiers  financial_services  Sheila_Bair  fin-tech  Steven_Levitt  data  behavioural_economics  Second_Acts  reinvention  platforms  layer_mastery  data_driven  jargon  frictions  pain_points  large_companies  growth  Fortune_500  intangibles  SMAC_stack  automotive_industry 
july 2014 by jerryking
Pandit, Citigroup's Chief, Resigns His Post in Surprise Step - NYTimes.com
October 16, 2012, 8:19 am154 Comments
Citigroup’s Chief Resigns in Surprise Step
By JESSICA SILVER-GREENBERG and SUSANNE CRAIG
Citigroup  resignations  CEOs  Vikram_Pandit 
october 2012 by jerryking
Robert Moses, Pedal Pusher? | By Thomas J. Campanella - WSJ.com
June 25, 2012 | WSJ | by THOMAS J. CAMPANELLA.

The rollout this summer of New York's first bicycle-share program will be the most visible achievement yet of the city's capable commissioner of transportation, Janette Sadik-Khan. Funded by Citigroup and Mastercard, the Citi Bike System will make available 10,000 bicycles for rent and return at any of 600 stations throughout Manhattan and Brooklyn. With Citi Bike, Ms. Sadik-Khan has spun a gossamer new transportation web across much of the city, a healthful and sustainable alternative to getting around by car.
New_York_City  urban  urban_planning  bicycles  rentals  Citigroup  Mastercard  Robert_Moses  transportation  rollouts  sharing_economy  bike_sharing 
august 2012 by jerryking
Trader Hits Jackpot in Oil, As Commodity Boom Roars On - WSJ.com
February 28, 2008| WSJ | By ANN DAVIS.
Mr. Hall Bet Early On Market Shift; Buoying Citigroup.

Profiles Andrew J. Hall, an enigmatic British-born trader who, in 2003, anticipated an important shift in the way the world valued oil -- and bet big....Mr. Hall's bet -- that long-term and short-term energy prices would soon abandon their historical relationship with one another -- looked like a long shot when he made it....Around 2003, Mr. Hall became convinced big structural changes were looming in the oil markets. For more than a decade, oil had ranged from $10 to $30 a barrel. But growth in demand was starting to outstrip growth in supply. And the once-sleepy economies of China and India were starting to compete for that fuel.

To place his bet, he focused on what was then a stagnant corner of the commodities world: The extremely long-term market in which traders buy and sell oil to be delivered years in the future.

Futures are contracts to buy or sell a product later on, at a price agreed upon today. Back in 2003, oil for future delivery was considerably cheaper than oil in the "spot," or current, market. For instance, a barrel of oil for delivery in 2005 was as much as 20% cheaper than spot oil....A key to Mr. Hall's success, says a friend, Thomas Coleman, a Louisiana oil-storage executive and fellow art collector, is an ability to block out the noise of the crowd. When Mr. Hall "locks in on an idea, he'll take it to the extreme," Mr. Coleman says.
Citigroup  Phibro  traders  oil_industry  hedge_funds  big_bets  commodities  collectors  pattern_recognition  structural_change  extremities  commodities_supercycle  ratios  noise  turbocharge  extremes 
june 2012 by jerryking
Physicist Makes 'Big Bang' at Citi - WSJ.com
OCTOBER 6, 2009 | WSJ | By DENNIS NISHI.

Hamid Biglari went from physics to finance. Now, he's helping lead efforts to revive Citigroup Inc...."I've always believed the best time to reinvent yourself is when you're on a high note as opposed to when in decline," he says. "Your options are larger that way."
...After a fourth-quarter 2008 loss of $8.3 billion, Citigroup moved to split into two different entities: Citicorp would handle the retail banking and investment operations while Citi Holdings would have the riskier "noncore" assets. Mr. Pandit named Dr. Biglari vice chairman in charge of strategy and resource allocation for Citicorp. Dr. Biglari had already spent the past year restructuring the securities and banking side of the business. He says he is now working with Mr. Pandit to reframe the company.The pressure has been intense, but Dr. Biglari feels he is in the job that he has been working for since leaving physics.
Citigroup  Second_Acts  Iranians  Robert_Rubin  physicists  finance  McKinsey  Managing_Your_Career  reinvention  options  reframing  resource_allocation  generating_strategic_options 
october 2011 by jerryking
Dick Parsons, Captain Emergency - BusinessWeek
March 24, 2011, 5:00PM EST text size: TT
Dick Parsons, Captain Emergency
Troubled outfits like Citigroup keep hiring Parsons because he's a master in the art of the relationship

By Devin Leonard
Richard_Parsons  African-Americans  profile  turnarounds  Citigroup  troubleshooting 
march 2011 by jerryking
Got Five Million Singapore Dollars? Citibank Wants You - Scene Asia - Scene Asia - WSJ
October 21, 2010 | Wall Street Journal | by Amy Ma.Citibank
in Singapore has a new premium credit card. But don’t call them, they’ll
call you — assuming you qualify.

The piece of plastic, a new Ultima credit card launched Oct. 12, is only
available for people with at least five million Singapore dollars
(US$3.83 million) in assets under management at Citibank. And even then,
you will need a personal invitation to get one.

Invitations have already been extended to, and accepted by, many of the
region’s wealthiest people. Singapore is ripe for the picking: The
city-state had the highest concentration of millionaire households in
the world, accounting for 11.4% of all households, according to the
Boston Consulting Group’s 2010 Global Wealth Report.
high_net_worth  credit_cards  exclusivity  Singapore  Citigroup 
october 2010 by jerryking
Citigroup Gets Burned in the Caribbean - WSJ.com
SEPTEMBER 1, 2010 | Wall Street Journal | By KRIS HUDSON And LINGLING WEI
Caribbean  Citigroup  real_estate  luxury  hospitality  hotels  Barry_Sternlicht 
september 2010 by jerryking
Asian Deal Journal: Tapping Into Private Wealth - WSJ.com
MARCH 22, 2010 | Wall Street Journal | By NISHA GOPALAN. Banks Rush to Tap Asia's Wealth
private_banking  China  India  high_net_worth  Citigroup  Barclays  UBS  HSBC  JPMorgan_Chase 
april 2010 by jerryking
Citi Finds a New PR Man at City Hall - WSJ.com
MARCH 31, 2010 | Wall Street Journal | By MICHAEL HOWARD SAUL
And RANDALL SMITH. Citi Finds a New PR Man at City Hall. Bank Hires a
Top Deputy to Mayor Bloomberg, Hard on the Media, to Manage Its Public
Affairs.
Citigroup  public_relations  New_York_City  Michael_Bloomberg 
april 2010 by jerryking
FT.com / Reports - Me and my adviser: It’s who you know that counts
Published: March 27 2007 02:08 | Last updated: March 28 2007 11:34 FT by David Wighton in New York
high_net_worth  real_estate  relationships  private_banking  Citigroup  financial_advisors 
march 2009 by jerryking

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