Finance
Citi Pitches Money-Moving ‘Crown Jewel’ as Central to Revamp
- Investor day spotlights the growing role of services business
- It’s a ‘diamond in the rough’ at laggard bank, Mike Mayo says
This article is for subscribers only.
Citigroup Inc. is putting one of its least glamorous businesses front and center in its upgrade project, aiming to show how a sprawling system of moving money around the world can boost profitability.
The services business — one of the bank’s five newly formed divisions — took the spotlight Tuesday at the bank’s Manhattan headquarters, where investors are being pitched by Chief Executive Officer Jane Fraser and Chief Financial Officer Mark Mason. The restructuring and presentation will draw attention to a segment producing a growing share of the bank’s profits, accounting for almost half of the total last quarter.