Global banking giant Citibank is now following the footsteps of the private sector ICICI Bank In an elaborate mail to all its customers, Citibank's N.Rajashekaran, country business manager, global consumer group has tried to ease the rising concern of all depositors and account holders by giving a detailed picture on the bank's current financial situation. "With the recent and unprecedented volatility in the world's financial market, I thought I would write to you about Citi's financial strength and our commitment to serve all of your financial needs," the mail read.
While a Citibank spokesperson said that it is business as usual for its India, clearly things are not going right for the bank. "The mail is an attempt to reinforce customer confidence in the bank," a banking source said.
In the last week, Citigroups's stock price fell by about 60 per cent to touch a low of $3.77, following reports of rising bad assets and its subsequent announcement to cut jobs globally. There have been several job cuts in India as well.
Former south Asia chief executive officer Sanjay Nayar too decided to exit Citigroup at a time when the bank is grappling with several problems.
No comments:
Post a Comment