Top boss says bank has 'cleared the path' to invest in businesses

Hiking Path Way

'We had some stumbles along the way'.

Bloomberg News reports that John Gerspach has some parting words for investors: Citigroup has moved past the distractions that have held it back in recent years.

“We had some stumbles along the way,” Gerspach, the bank’s chief financial officer since 2009, said as he addressed investors for a final time at a financial conference Tuesday. “They were very large distractions and they certainly impacted our timeline as far as demonstrating progress.”

As Gerspach prepares to hand the CFO title to Mark Mason next month, he said the bank has “cleared the path” to invest in businesses such as treasury services and private-bank offerings to boost returns. Citigroup is focused on achieving a return on tangible common equity, a key gauge of profitability, of more than 13.5 percent in 2020, he said.

Hit the link below to access the complete Bloomberg News article:

Citigroup CFO Says Bank That ‘Lost Its Way’ Now Poised to Grow

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