North America’s best bank for transaction services 2023: Citi
Citi’s transaction services bankers can be in no doubt of the firm’s commitment to their business. Chief executive Jane Fraser is on record calling the Treasury and Trade Solutions (TTS) division the crown jewel of the bank and she rarely misses an opportunity to refer to it. The bank invested $1 billion in technology for this business alone in 2022.
The focus is paying off as the business supplies an invaluable source of diversified revenues and growth. In the 12-month awards period to April 2023, TTS posted a bigger year-on-year revenue increase than any other reported unit of the bank, at 35%. For its continued innovation and increasing importance, Citi is North America’s best bank for transaction services.
“We invested over $1 billion in TTS last year,” says Michael Fossaceca, managing director and North America region head of TTS at Citi. "It is very difficult for smaller banks to invest at this scale, but that is what it takes.