Photo by Jungwoo Hong via Unsplash.

Weekly Global News Wrap: Credit Suisse woos the wealthy with higher deposit rates; Citi cuts jobs

And Goldman Sachs signals possible sale of consumer business assets.

From Reuters:
Citi is laying off less than 1% of its workforce, excluding the remediation team working on a consent order, according to people familiar with the matter.

A report by Bloomberg earlier on 28 February said that the bank was cutting hundreds of jobs across the company, including its investment banking decision.

The bank declined to comment on a Reuters request.

From Reuters:
Credit Suisse is offering higher deposit rates than its rivals to attract new funds from wealthy clients in Asia, people with knowledge of the matter said, as the embattled private bank seeks to stem outflows and stop its bankers leaving.

The Swiss bank is offering a 6.5% annual rate on new three-month deposits of $5m or above, said three sources with knowledge of the matter, who declined to be named as they were not authorised to speak to the media.

Bloomberg on Thursday first reported the 6.5% deposit rate offered by the bank.

Credit Suisse is also offering a rate as high as 7% for one-year deposits, the sources told Reuters.

From Reuters:
Goldman Sachs Group Inc is embarking on a tough sales pitch to investors for assets in its troubled consumer business, which has dragged on earnings and may lack appeal for potential buyers.

Chief Executive Officer David Solomon said that the bank is looking at "strategic alternatives" for the consumer business, a signal of a possible sale.

Goldman still holds $100b in deposits from its Marcus consumer banking business, $4.5b in personal loans, credit card partnerships with Apple and General Motors, and merchant lending platform GreenSky for $2.2b.

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