The Wall Street Journal

Citigroup fell behind with rich customers. Can it win them back?

Citigroup fell behind with rich customers. Can it win them back?
Andy Sieg. (Image: WSJ)
The Wall Street Journal
By Rachel Louise EnsignCitigroup’s wealth-management business raked in US$2 billion (NZ$3.2b) in profits in 2007, just before the financial crisis brought the bank to its knees. At the end of last year, it barely broke even.The collapse is one reason Citi’s stock is stuck in a deep slump, and CEO Jane Fraser is under pressure to boost profits. She is hoping to turn the unit around after recently poaching Andy Sieg from a job running Bank of America’s Merrill Wealth Management business.In an interview with the Wall Street Journ...

More World

US inflation picks up to 2.7%
World

US inflation picks up to 2.7%

Economists are split on how much tariffs will affect prices in the coming months.

Trump may end up sorry he tried to control the Fed
World Opinion

Trump may end up sorry he tried to control the Fed

Presidents struggled with monetary policy even before the Fed’s formal independence.

Africa wants critical minerals to yield jobs, not just dollars
Politics

Africa wants critical minerals to yield jobs, not just dollars

More nations are imposing export restrictions to help develop their own industries.

Trump lifts sanctions on Syria as it holds talks on diplomatic ties with Israel
World

Trump lifts sanctions on Syria as it holds talks on diplomatic ties with Israel

Foes Israel and Syria have been talking for weeks, officials say.