Citi Successfully Concludes Sale of Indonesia Consumer Business to UOB

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Citi has successfully concluded the sale and transition of its Indonesian consumer businesses to UOB Indonesia (UOBI), encompassing retail banking, credit card operations, and unsecured lending ventures. This move excludes Citi’s institutional business in the country. The exact number of employees transferred with the business remains undisclosed, but it does not include Citi’s institutional business. The transaction is part of a broader consumer banking sale agreement covering Malaysia, Thailand, Vietnam, and Indonesia, with the sales in Malaysia, Thailand, and Vietnam already completed.

In October 2023, United Airlines outshone other major U.S. carriers by hiring 270 pilots, marking the carrier’s highest monthly recruitment for the year. This surge in pilot recruitment is essential to meet the increasing demands for air travel and mitigate delays and cancellations. The move is part of United Airlines’ broader strategy to hire 2,300 pilots in 2023, contributing to the airline’s ambitious growth plans.

Meanwhile, Citi’s global restructuring has led to significant management changes in its banking clusters across Asia. Jan Metzger, the former head of banking, capital markets, and advisory for Asia, will now lead Citi’s investment banking franchise for the Asia North & Australia and Asia South Cluster. Other key appointments include Gunjan Kalra continuing to lead Citi’s commercial banking business for Asia North & Australia and Asia South, Kaleem Rizvi as Citi’s corporate bank head for Asia North & Australia, and K Balasubramanian as the head of corporate banking for Asia South.

Citi’s recent global restructuring has also involved significant workforce reductions, with reports suggesting that approximately 300 senior manager roles, accounting for around 10% of the workforce at that level, have been cut globally. This realignment is part of Citi’s efforts to streamline its organizational structure and adapt to a simplified operating model.

In conclusion, these strategic moves and organizational changes illustrate the dynamic landscape of the banking and aviation sectors, with companies adapting to market demands, restructuring for efficiency, and pursuing growth opportunities.