Citigroup and the 'financial supermarket' experiment | FT Film

The 1998 mega-merger between banking giant Citicorp and insurer Travelers Group created the world's biggest financial services company. But Citi's share price plummeted and the group has been hit by a series of scandals. The FT looks at what went wrong and how the bank can turn itself around

#citigroup #citibank #travelersgroup #banks #finance #financialmarkets #markets

00:39 A series of scandals
04:44 The record merger
12:40 The fallen giant
14:33 The revamp


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[chrispachas]

It's really impressive how Citi shares plunged from $600 each to around $45... And it's not recovering

[robd]

As a former Citi employee who worked in numerous roles, I agree that the bank is way too large and complex. This is especially evident with operations spread across so many countries. Also, the whole Revlon fiasco is indicative all the internal problems with very anitiquated technology. Simplification is definitely the way forward. Hopefully the CEO is successful with the current and much needed restructuring effort.

[foobarFR]

11:11 Bancassurance works in France for two reasons :
- French banks made loan insurance mandatory (you can't get a mortgage without insuring it), and for decades they forced customers to buy the insurance in their own insurance subsidiaries. That's no longer working (lawmakers destroyed that monopole, step by step, and now you can chose, and even change your loan insurer and oh miracle, loan insurances prices went down quickly).
- the main form of financial savings account here works and is regulated as a form of insurance - we call that life insurance but it's very different from american life insurances.

Since they had to operate in the insurance buisness anyway, and already had insurance subsidiaries with staff, HQs, etc, banks later developped a full offer of insurances (car, renters insurance, etc.) with correct prices.

Interstingly, the reverse bancassurance (or assurbanque), insurers going in the retail banking business, never worked. Only AXA maintains a bank subsidiary, and it's not a big player, it's a niche online bank for high income households.

[chibwekaunda]

Great documentary having worked at Citi. The model of being banker to the large global corporates was really Centre of plate and great bread and butter business! Watching the turnaround with great anticipation and cheering from the sidelines ! Wishing the Citi team all the best!

[EvaHoffmann]

Opinions diverge, some claim overvaluation due to rapid gains, while others cite strong economic fundamentals justifying high valuations. Raises concern for my $600K equities going 8% up and 20% down. Should i hold on or sell off my positions and hold cash?

[aryammansahlot]

Amazing documentaries FT PLEASE KEEP THIS UP

[baccaandthesquad]

I can’t lie a Wells Fargo employee being your banking sector interviewee and having that person speak poorly about citi bank is ironic

[aeyaqs]

Your channel stands out from others because you explain the reasoning behind each strategy, helping me understand the underlying principles rather than just blindly following signals. As a beginner trader, I find your channel incredibly helpful in building a strong foundation of trading knowledge and developing effective strategies.

[ram_page]

Loved the presentation. Learnt a lot about Citi's history and got a better sense of why it stands where it stands today.

[mockingbird]

10:57 We need another video discussing how the French insurance banks are successful while the US insurance and bank combination attempts fail

[KathleenRoberts-oc]

That music goes with stunning beginnings of next starting . This is where you needed the brilliance of Jamie Dimon !!.

[Mayor]

I HAVE INCURRED SO MUCH LOSSES TO TRADE ON MY OWN, I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED.

[QueenetBowie]

Awesome video, random suggestion. Thanks FT!

[stevewise]

The banking sector breaks laws all the time, though no one goes to prison.

[haroldbradford]

Love this kind of content - very interesting. Thanks.

[jacobprice]

Jesus that Smith Barney ad makes me nostalgic.

[NRFEPH]

Citigroup already sold Philippine retail banking operations to Union Bank of the Philippines (UnionBank).

[SidikaAykut]

The feedback loop with 4ra is amazing, they actually listen and improve! 📣👂

[RV-proq]

This is where you needed the brilliance of Jamie Dimon !!

[РостиславКинжаев]

I'm already watching your videos for the second time. Very impressive!