Banking

Citigroup CFO sees no affect from China’s regulatory crackdown

Citigroup’s chief monetary officer mentioned China’s latest strikes to crack down on firms isn’t prone to hurt the financial institution’s enterprise throughout the Asia-Pacific area.

Whereas Citigroup has determined to exit retail banking operations in some Asian markets, it would proceed to supply companies to massive firms within the area via its institutional-clients group, Mark Mason mentioned on a convention name Friday for fixed-income traders. Which means the financial institution is monitoring the state of affairs in China “very carefully,” he mentioned.

“We proceed to serve multinational firms and our native champions via this ICG enterprise that we’ve got,” Mason mentioned in response to a query. “We don’t anticipate any affect from among the Chinese language regulatory crackdowns, as you characterize them.”

The U.S. Securities and Trade Fee halted preliminary public choices of Chinese language firms on Friday, citing the necessity for higher disclosures of dangers posed to shareholders. That transfer got here after China proposed guidelines requiring nearly all firms looking for abroad listings to bear a cybersecurity evaluate, which might considerably improve its oversight.

Mason additionally mentioned the pandemic, saying Citigroup will proceed to make use of native well being knowledge and steering from public officers because it crafts plans to return employees to places of work. This week, the agency went again to requiring workers to put on masks within the workplace no matter their vaccination standing.

“We’ll proceed to be led by knowledge, whether or not that’s knowledge round returning to the workplace or knowledge round sporting face masks,” Mason mentioned. “As a result of that’s the precise factor to do.”

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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