Citi confirms split into two separate entities
NEW YORK - Following months of speculation, Citi confirmed on Friday (January 16) that it would split the company in two, subject to regulatory approval.
Citicorp will focus on core businesses, including global transaction services, corporate and investment banking, private banking, branded credit cards and regional consumer and commercial banking. It will have estimated assets of $1.1 trillion and be 65% funded by deposits.
Citi Holdings will consist of brokerage and retail asset management
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