For a truly global bank, it is one thing to decide upon a new, simpler strategy. It is quite another to implement it. Internal politics, established practices and vested interests tend to react to stringent cuts to entangled operations and networks of businesses and subsidiaries.
So Citi’s execution of its new business model in Latin America is notable. Its acknowledgement that it was over-extended in the region – with too many retail banks operating in small but competitive markets – led to a succession of disposals.
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