首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
ABN Amro is not the only big, floundering bank under fire. Across the Atlantic, disgruntled investors continue to call for a sha
ABN Amro is not the only big, floundering bank under fire. Across the Atlantic, disgruntled investors continue to call for a sha
admin
2017-03-15
52
问题
ABN Amro is not the only big, floundering bank under fire. Across the Atlantic, disgruntled investors continue to call for a shake-up—or even a break-up—of Citigroup, the world’s biggest bank. Its share price has languished for the past five years and shareholders are restless. On February 25th it said it had hired Gary Crittenden, the well-regarded chief financial officer of American Express, to fill the same role at Citi. The person he replaces, Sallie Krawcheck, was a former research analyst with surprisingly little experience in the "financial" bits of a chief financial officer’s job. You might think shareholders would be pleased. In fact, the shares drooped.
This was partly because of the news, disclosed late on February 23rd, that the Securities and Exchange Commission (SEC) was investigating the way Citi handled the taxes that arose from its acquisition in 2000 of Associates First Capital, a consumer-finance firm. But investors were also dismayed by the broader implications of Mr. Crittenden’s solid, but uninspiring, appointment. Chuck Prince, Citi’s boss, is staying put. And so is his strategy.
Mr. Prince’s predecessor, Sandy Weill, oversaw years of hard-charging growth. But Citi now seems to have lost its way. It has trailed behind rivals that dedicate themselves either to investment banking or to retail, but not to both. Its costs have ballooned. Critics snipe that, having seen a lot of its managers leave, Citi’s top brass lacks experience. Mr. Prince is doing his best to answer them. Installing Mr. Crittenden adds depth to Citi’s executive suite, and he is busy working on a cost-cutting initiative, to be unveiled this spring.
But complaints linger about Mr. Prince’s strategy and how soon it will pay off. The chief executive has set out to transform Citi from a bank that knew how to grow only through acquisitions to one that grows "organically".
This is something his predecessor never accomplished, perhaps because he doubted it could be done. "Sandy Weill had little faith that he could grow Citi internally," explains Dick Bove of Punk Ziegel, an investment bank, "so he consistently ripped capital out of Citi to buy growth elsewhere." As long as the buying binge went on, this worked handsomely. But managing the bits and pieces he acquired became increasingly difficult, A series of regulatory snafus prompted Mr. Weill to bring in Mr. Prince, a lawyer by background, to tidy up.
Last month Mr. Prince ditched the name "Citigroup" for the punchier "Citi", and decided to fold the firm’s famous red umbrella once and for all. Mr. Prince wants to make Citi one cohesive company, rather than a jumbled group amassed under a single canopy.
Rebranding a company may be easy; restructuring one is not. "Old" Citi’s shadow is proving hard to escape. It is not just the SEC’s probe into Associates, which was described in Mr. Weill’s autobiography as one of the worst purchases of his career. Rocketing expenses, Mr. Prince’s biggest problem, have their origin in a failure to invest in the technology and infrastructure needed to fuse Citi into a coherent whole. Mr. Prince is also intent on investing in Citi’s international presence, which should be its greatest strength. He aims to increase international revenues to 60% of the total, from around 45% today, through internal growth and small acquisitions.
The latest effort is in Japan. Citi is reportedly trying to boost its small holding in Nikko Cordial, Japan’s third-biggest broking firm, which is reeling from an accounting scandal. This would give Citi a stake in Nikko’s branch network and well run asset-management business. Old Citi was forced to close its private-banking operations in Japan in 2004, after serious breaches of anti-money-laundering rules. Controlling Nikko might mark a new start for a new Citi.
What did Sandy Weill do in his tenure?
选项
A、He firmly believed that Citi Group could grow internally.
B、Citi Group had gained so much profits that it could buy more companies.
C、He did a clean job buying companies but didn’t manage them well enough.
D、He worked perfectly well with Mr. Prince.
答案
C
解析
转载请注明原文地址:https://kaotiyun.com/show/H8SO777K
本试题收录于:
NAETI高级口译笔试题库外语翻译证书(NAETI)分类
0
NAETI高级口译笔试
外语翻译证书(NAETI)
相关试题推荐
Itisnowclearthatnosuchcreaturesasvampireshavebeenseenandnonebeenfoundintheworld.
Scienceandtechnologyisamongthefactorsthathavetakenthehumancivilizationtothelevelitenjoystoday.Everymilestone
Thedaythissmalltowntolditsresidentstostopdrinkingthewater,lifeonGlendaleBoulevardturnedfromquiettoalarm
党的十一届三中全会以来,随着党和国家工作重点转移到以经济建设为中心,教育在社会主义现代化建设中的地位和作用也越来越重要,我国教育的改革和发展取得了很大的成就。进入20世纪90年代,科学技术日新月异,知识经济初见端倪,综合国力竞争日趋激烈,我国社会
Whichcountryexertsmosteffortsineducationalreform?
TheincreasingnumberoftheunaccompaniedchildrenacrosstheU.S.borderpresstheUnitedStatestodetainmoreandmorechil
What’sthenon-financialODImadebydomesticinvestorsfromJunetoNovemberin2018?
我很高兴应邀与各位交流一下不同文化所形成的交际模式。作为一名在中国教学的美国人,我的报告基于我个人的经历和体会。来自不同文化背景的人们往往都认为自己的行为方式是“正常的”。但涉及到说话方式时,有些在本族人看来很自然的话语却被外族人视为荒诞,甚至会
Whatisdistancelearning?Itmeansthatyoustudyonyourown,athomeorwhereversuitsyou.Recently,theworldfamousOpenU
Abluesedannearlysideswipesmycar.Thedrivergivesmeaweirdlook.Nowonder:I’matthewheelofaFordTaurus,withata
随机试题
关于肝转移性肿瘤的描述,不正确的是
公益广告较多采用()
EndangeredSpeciesReading:PolarBearMakestheListInSpring2008,thepolarbearwasplacedontheendangeredspeciesli
关于肝母细胞瘤的描述错误的是
下列属于客观资料的是
偿债率是指当年的国债还本付息额占当年()的比重。
下列关于物权的特征的说法,正确的有()。
简述学前儿童体育活动的组织形式。
龙马负图、神龟载书,远古时代河图洛书的传说,数千年来被认为是中华传统文化的源头。河图出于河南洛阳市的孟津县,人们对它已是_________,而洛书出于何处,一直_________,没有定论。填入划横线部分最恰当的一项是:
习近平总书记在深度贫困地区脱贫攻坚座谈会上强调,要实施“四个一批”的扶贫攻坚行动计划,通过扶持生产和就业发展一批,通过移民搬迁安置一批,通过低保政策兜底一批,通过()一批,实现贫困人口精准脱贫。
最新回复
(
0
)