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Citi to exit Mexican consumer business as part of strategy revamp – Reuters

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A Citibank sign is seen outside of a bank outlet in New York March 4, 2009. REUTERS/Lucas Jackson/File Photo
NEW YORK, Jan 11 (Reuters) – Citigroup Inc (C.N) will exit its Citibanamex consumer banking business in Mexico, the bank said on Tuesday ending its 20-year retail presence in the country that was the last of its overseas consumer businesses.
Citigroup's decision to sell or spin off Citibanamex, Mexico's third biggest bank by assets as of June, is part of chief executive Jane Fraser's strategy to bring Citigroup's profitability and share price performance in line with its peers.
After taking up the top job last year, Fraser pledged to simplify Citigroup by exiting non-core businesses, including consumer franchises in 13 markets in Asia, Europe, the Middle East and Africa. While Citigroup's Mexican exit was not part of the announced plan it is consistent with that "strategy refresh," Fraser said on Tuesday.
Citigroup will retain its institutional client business in Mexico, as it has in other overseas markets. It will focus its consumer banking business on a targeted U.S. retail presence, global wealth management, and payments and lending, it said.
The bank's acquisition of Banamex for $12.5 billion in 2001 was the largest ever in Mexico at the time and came amid a wave of foreign purchases after an economic crisis devastated the country's banking sector in the mid-1990s.
Mexican billionaire Ricardo Salinas Pliego, who is ranked as the country's third-richest man with a family fortune estimated in excess of $15 billion by Forbes, said he was analyzing if it was possible to acquire Citibanamex.
Other possible buyers for Citibanamex could come from Canada, where the big six banks have excess cash to spend on deals. Bank of Nova Scotia (BNS.TO) already has a sizable Mexico business. read more
The local arms of Banco Santander (SAN.MC) and BBVA (BBVA.MC) would also have the cash, while Mexican institutions Banorte and Inbursa could use an acquisition of Citi's operations to challenge this duo.
An industry laggard hobbled by creaky technology and poor risk-management controls, Citigroup's seeming inability to fix its operational issues and boost its share price has frustrated shareholders. "Investor exhaustion" plagues the bank, Odeon Capital analyst Dick Bove said last month.
Fraser's revamp amounts to the biggest overhaul for Citigroup since it was forced to unload assets following the 2007-2009 financial crisis. To date the bank has taken $2 billion in charges exiting Asian markets. read more
Before becoming CEO, Fraser was responsible for the Mexico business and for Citigroup's global consumer bank. In that role she worked to build on investments the bank made to refurbish the Mexico consumer business which had been known as Banamex.
By disposing of the Mexico consumer businesses, "we'll be able to direct our resources to opportunities aligned with our core strengths and competitive advantages," Fraser said in a statement, adding Mexico remains "a priority market" for Citigroup's institutional businesses.
"We expect Mexico to be a major recipient of global investment and trade flows in the years ahead, and we are confident about the country's trajectory," she said.
MERGER BINGE
Citigroup's acquisition of Banamex was one of several led by Sandy Weill, CEO from 1998-2003, who built the bank into a U.S. giant and, some analysts believe, set it up for its problems.
Institutional investors and analysts, such as Mike Mayo of Wells Fargo, have long called for Citigroup to give up Citibanamex which they saw as drag on its investment returns.
Fraser's predecessor as CEO, Mike Corbat, had invested more in Citibanamex even after it suffered loan losses in a massive fraud involving a supplier to Mexico's state oil company.
Citigroup shares rose as much as 1% in after-market trading.
The bank did not estimate the cost of exiting the business or what it might receive in a sale. The business currently uses about $4 billion of tangible common equity.
The Mexico consumer businesses provided about $3.5 billion in revenue in the first three quarters of 2021 and $1.2 billion in pre-tax earnings, Citigroup said. They include $44 billion of Citigroup's $2.36 trillion of total assets.
Citigroup said the timing of the exit is subject to regulatory approvals in the United States and Mexico.
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Business

What is an Ultrasound Tech Salary?

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The job of an ultrasound technician can be a thrilling one. It is a promising career with high pay and advantages. A lot of technician schools offer training programs for the area. If you take the time to obtain a degree or certificate in the ultrasound field, you’ll be able to earn an income worth the effort and time.

HOW MUCH DOES AN ULTRASOUND TECHNICIAN MAKE

Ultrasound salary rates are far more competitive than the majority of the positions in allied health. Some markets pay over $65,000 in this position. An ultrasound technician can expect to earn a median annual pay of $63,640 for diagnostic medical Sonographers as of May 2009, as per the Bureau of Labor Statistics.

The salary may vary based on the kind of job setting. For instance, the median annual income in 2009 for employees working in doctor’s offices was $63,820. For hospital workers, it was $63,770. The salaries can also differ according to state and clearly by country. Similar to other occupations, ultrasound wages are less for entry-level employees and higher for those in higher-paying posts. If you earn greater than $65,000 per year and 55 percent are over 50, as well as 22 percent are under 30, According to the Society of Diagnostic Medical Sonography.

GET REGISTERED AND MAKE MORE MONEY

Technicians can expect less money even if they’re not certified by the American Registry of Diagnostic Medical Sonographers (ARDMS). However, the bottom 10% of technicians earn the least money, equivalent to $ 43,990 a year, and the higher 10% earn $85,950 yearly. Pay is also contingent on the number of specificities the technician holds. The more specialties the technician has, the more lucrative the salary. Employer, certification/education, or background may also affect the ultrasound salary. Hospital employees make $63,770 a year.

Doctors employ the second highest number of ultrasound techs in their clinics, and 13,290 technicians earn $63,820 annually. Diagnostic and medical labs use the third highest number of technicians, i.e., approximately 4,680. They pay each one $61,820 of them each year. Schools that teach pay roughly $66,000.

ultrasound

ultrasound

WHERE DO YOU LIVE

Furthermore, geographic locations are also a significant factor in determining how much pay a technician can earn. For example, Massachusetts has the highest ultrasound technician’s salary, around $78,460 annually. Oregon is almost identical, with a salary of $78,320. Colorado is third with approximately $77,380 annually. The need for technicians is huge in not developed states, while jobs have attained a saturation point in more developed states.

If a technician wishes to make the most money, it is recommended that they join those firms that offer employment services. They could earn as much as $68,000 or more annually. Enterprises and management companies offer the second highest pay, $67,890 per annum. Outpatient centers earn $64,560 annually, while educational schools have a salary of approximately $66,000. The structure of wages is also influenced by the environment in which the technician works, the workload the technician is responsible for on their own, and the company’s size. Experience in the field is significant to the average salary.

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