☰ Menu eFinancialCareers

What will happen to Citi in Aus?

Citigroup is merging its Smith Barney brokerage with Morgan Stanley’s wealth management unit, but what will happen to its Australian consumer financing business?

Speculation is growing that the large Australian banks and HSBC are the prime contenders if the embattled US banking giant decides to sell its local credit card and personal lending operations.

Would buying a chunk of Citi be a sensible acquisition to bolster one of the Big Four? Citigroup is already the fifth biggest credit card provider in Australia, operating the card portfolios of Suncorp Metway and Bank of Queensland.

What will/should happen to Citi down under? And on an international level, should we mourn the failure of Citigroup’s global experiment to offer a one-stop financial shop?

Comments (7)

  1. Clearly Citi has failed as a “financial supermarket”. It needs to be broken up here and around the world.

  2. It’s still not certain that any of Citi in Australia will be put up for sale, and the creation of the merged brokerage with MS makes perfect sense. This may not be an opportunity for aus banks…we will have to wait and see.

  3. NAB would snap up the consumer biz

  4. Sad to see the Big Giant to collapse in this way. But this is life!

  5. Citi is finished globally and obviously here. Sure it may limp on as an organisation but why would anyone with any talent work at Citi now?They are owned by taxpayers and rewards will be like any public servant..only without the job security. “I’m a Citibanker” won’t be such a proud statement.

  6. Citi is pretty grim at the moment and is a terrible place to work. Who knows what will happen and who will end up in the good bank or bad bank?

  7. Hi Citi Worker

    Would be good to have a chat about your experiences.

    Feel free to email me on: smortlock@efinancialcareers.com

    Simon Mortlock
    Editor, eFinancialCareers

    Simon Mortlock Reply

The comment is under moderation. It will appear shortly.


Screen Name


Consult our community guidelines here