Citi Private Bank was one of the few bright spots for Citi’s Institutional Clients Group (ICG) as it
posted poor 2011 fourth quarter and full-year results.
Citi’s private banking division, which is part
of Citi’s ICG, was almost the only part of the ICG division to
record a profit.
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The private banking unit reported fourth
quarter revenue of $519m, up 4% on a year-on-year basis from $501m
at the end of 2010.
Total private banking revenue for 2011 was
$2.15bn, a 7% increase from 2010 when it was $2bn.
Investment banking revenue almost
halved
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By GlobalDataIn contrast, ICG’s investment banking
division’s 2011 fourth quarter revenue was almost half what it was
in the fourth quarter of 2010, slumping 45% from $1.2bn in 2010 to
$638m at the end of 2011.
Overall the investment banking unit suffered a
14% decrease in revenue, dropping from $3.8bn in 2010 to $3.3bn in
2011.
Chinese JV could provide timely
boost
However, Citi’s revenues could potentially
receive a significant boost from the recent news that it’s been
granted regulatory approval to set up a joint venture securities
firm in China, Citi Orient Securities.
Citi Orient Securities will allow Citi’s
investment bank to trade directly on the Chinese domestic capital
markets, subject to regulatory approval.
