After the company's collapse during the 2008 recession, Citi stock has continuously struggled.

在 2008 年的經濟衰退後，花旗的股票持續走低。

Shares of the company saw more than a 30% drop over the last five years.

在過去五年中，該公司的股票下跌超過 30%。

The firm has faced many ups and downs over the course of my career here, and it's clear we have challenges that we need to urgently address right now.

在我就職於這家公司的職業生涯中，這家公司經歷了許多起伏，顯然我們目前需要迫切解決挑戰。

Citigroup has had worst in class efficiency, returns and stock market valuation, and that's led to underperformance over almost any timeframe.

花旗集團的績效、回報率和股市估值一直是同業公司中最差的，這導致有史以來最差的表現。

They haven't been profitable enough.

他們的利潤還不夠高。

It's a chronic laggard in profitability.

它的盈利能力長期落後。

It's not that it's teetering on the edge.

它並未處於最危險的邊緣。

Once the largest bank in America, Citigroup is now the third biggest in the U.S., with over $1.7 trillion in consolidated assets.

曾經是美國最大的銀行，如今花旗集團在美國排名第三，其合併資產超過 1.7 兆美元。

Globally, it is the 11th largest, with just over $2.4 trillion in total assets.

全球排名第十一位，總資產僅稍超過 2.4 兆美元。

Citigroup, I believe, is finally turning a page.

我相信，花旗集團終於開始轉變。

The first step to improve is to recognize that you have a problem in the first place.

改善的第一步是要認識到首先存在一個問題。

We know there is a clear cut case for change at Citi.

我們知道花旗集團非常需要做出改變。

I hope you've seen we're acting on it, positioning our firm's long term future and tackling the issues that have held us back head on.

我希望你已經看到我們正在採取行動，為我們公司的長遠未來定位，並直接應對一直阻礙我們的問題。

The challenge now will be executing and changing that culture to what she wants to be more real time and more aware and more intense and more about winning.

現在的挑戰將在於執行並改變那種文化，使其更加及時、更有意識、更加激烈，更注重取得勝利。

So what kind of changes is Citi making, and can it return to its former glory?

花旗集團正在進行哪些變革？它是否能夠重回昔日的輝煌？

In April 2021, Jane Fraser, the CEO of Citigroup, announced a bold shift in the company's strategy, exiting 13 retail markets outside of the United States.

在2021年4月，花旗集團的執行長珍·弗雷澤宣布了一項大膽的轉變策略，決定退出美國以外的 13 個零售市場。

Asia and the EMEA region accounted for more than a third of Citi's net revenue in the year prior.

在前一年，亞洲和歐洲、中東及非洲（EMEA）地區佔花旗集團淨收入的三分之一以上。

This global vision that Citi retail banking was an aspirational bank, that it was kind of like the Nike swoosh or the Mercedes star, that it was a branded global good.

花旗集團零售銀行的全球願景是，它是一家具有抱負的銀行，就像 Nike 的勾勾標誌或賓士的三芒星一樣，是一個具有品牌價值的全球資產。

And every CEO had that vision.

每位 CEO 都有這樣的願景。

And maybe in the '60s it was true.

也許在 1960 年代是這樣。

Under Jane Fraser, Citi is finally unwinding the failed 50-year experiment of serving consumers all around the world.

在珍·弗雷澤的領導下，花旗集團終於開始解除那個長達 50 年為全球消費者提供服務的失敗實驗。

The old banking adage has played out.

那句古老的銀行格言已經實現。

Wholesale banking is global, retail banking is local.

批發銀行是全球性的，零售銀行是地方性的。

In 2022 alone, Citigroup completed sales of its business in five countries and added Mexico to the list of countries it's departing.

僅在 2022 年，花旗集團就完成了在五個國家的業務出售，並將墨西哥列入了其退出名單之中。

What's been obvious to analysts for a long time is that Citi had become too unwieldy, too big to manage, and that ultimately a lot of the disparate parts overseas.

長期以來，分析師都明顯看出，花旗集團變得過於龐大、難以管理，最終許多海外的不同部分也同樣如此。

They didn't really have very many synergies between them.

它們之間其實沒有太多協作。

Four executives I spoke to actually referred to these businesses as melting ice cubes.

與我談話的四位高階主管稱這些業務為融化的冰塊。

In other words, that over time with disinvestment, with perhaps not the greatest management focus from HQ,

換句話說，隨著脫資，也許由於總部的管理重心不足，隨著時間的推移，

that ultimately their value was decreasing versus some of the sharper, more motivated, locally owned competitors in many of these overseas markets.

最終，它們的價值相對於許多海外市場中更敏銳、更有動力的當地競爭對手來說是在降低的。

Citi instead announced its plans to divert its resources and focus to double down on wealth management.

花旗集團宣布了其將資源和重心轉向加強財富管理的計劃。

It's a tactical move that several other major banks have adopted in recent years.

這是幾家其他大型銀行近年來採取的策略。

I always like to say banking is all about money. And guess who's got money?

我常說銀行業就是圍繞著金錢展開的。猜猜誰擁有金錢？

Rich people got money.

富人才有錢。

Everybody wants to bank affluent people.

每個人都想服務富裕的人。

You have a financial adviser usually getting paid on an annual basis of 1% to 2% of the assets under management.

財務顧問通常按照管理之資產的 1% 到 2% 進行年度收費。

And to that very basic model, you could add fees for margin loans or jumbo mortgages and things like that.

在這個基礎上，還可以加上保證金貸款、大額按揭貸款等費用。

But the reason why Wall Street and investors tend to love this business is that it gives off an annuity-like stream of earnings, no matter what's going on in the merger markets, what's going on in trading.

然而，華爾街和投資者喜愛這項業務的原因在於，無論併購市場發生了什麼，交易市場發生了什麼，它都能產生類似年金的收益流。

It offers high returns.

它的回報率很高。

It creates growth opportunities in areas that are in the early stages of wealth generation like Asia and the Middle East, and it comes with less risk of big mishaps.

它在亞洲和中東等財富生成初階的地區創造了增長機會，並且帶來較少的重大錯誤風險。

So the regulatory treatment is better.

所以，監管的方式較為有利。

But at its core, Citi's new strategy is all about simplifying down their business.

然而，花旗銀行的新策略的核心是將他們的業務精簡化。

Part of the idea is that if you shrink down the footprint, and you're not doing so many things in so many different jurisdictions,

其中一部分想法是，如果縮小業務範圍，在許多不同的司法管轄區內不再從事如此多的事情，

that not only will you have better critical mass in the markets that you do choose to serve, you'll also get less capital requirements because you're less complex.

不僅在選擇提供服務的市場上將擁有更好的資源，同時由於業務較少複雜，你還將獲得較少的資本需求。

You're simpler.

一切更簡單。

When Citi's finally done in creating a more simpler firm, interestingly, they're going to look more like Citigroup before the merger from 25 years ago.

有趣的是，當花旗銀行最終完成了創建一家更簡單的公司之後，他們的樣貌將更接近 25 年前合併前的花旗集團。

Citigroup's history begins in 1812 with the creation of the first National City Bank.

花旗集團的歷史始於 1812 年，在當時創建了第一家國家城市銀行。

The bank grew rapidly after a series of mergers and acquisitions until it was renamed Citibank in 1976.

在一系列的併購後，該銀行迅速成長，直到 1976 年更名為花旗銀行。

The next 10 or 15 years, it becomes the biggest credit card issuer in the country.

在接下來的 10 到 15 年裡，它成為了美國最大的信用卡發行商。

They expand to 90 different markets around the world and, all along, innovating.

他們將業務擴展到世界各地的 90 個不同市場，並且始終保持創新。

They were the first checking account.

它們是第一個開創支票帳戶的銀行。

They were the first bank to offer compound interest on savings.

他們是第一家提供複利儲蓄的銀行。

But it was the merger between Citicorp, the holding company for Citibank, and a financial services company, Travelers Group, that created the Citigroup we know today.

然而，現在的花旗集團是由花旗銀行的控股公司 Citicorp 和金融服務公司 Travelers Group 之間的合併所造就的。

Their idea was to take the biggest bank in the United States and the biggest insurance company and wealth management force in the United States, and to merge them into a financial supermarket.

他們的想法是將美國最大的銀行和最大的保險公司，以及美國最大的財富管理公司，合併成一家金融超市。

So all of your financial needs under one roof.

因此，用戶所有的金融需求都能在同一個地方得到滿足。

Citibank was once the biggest bank domestically with assets worth over $2.1 trillion in 2007.

花旗銀行曾經是國內最大的銀行，在 2007 年資產價值超過 2.1 兆美元。

By comparison, J.P. Morgan had assets worth over $1.5 trillion, and Bank of America's was just over $1.7 trillion.

相比之下，J.P.摩根的資產價值超過 1.5 兆美元，而美國銀行的資產價值則僅超過 1.7 兆美元。

But the company's dominance came to a devastating end in 2008.

然而，該公司在市場的主導地位在 2008 年結束，並且帶來了毀滅性的後果。

Shares of the company collapsed from the height of over $500 in 2006 to at one point just under a dollar in 2009.

該公司的股票從 2006 年超過 500 美元的高點，跌至 2009 年某一時刻僅僅不到 1 美元。

Citigroup was the poster child for what could go wrong in a financial crisis.

花旗銀行成為金融危機中可能出現的問題的典型例子。

Leading up to the financial crisis, Citigroup was fairly aggressive in loading up on subprime mortgages and other risky assets that soon became toxic.

在金融危機前，花旗銀行相當積極地投資次級貸款和其他風險資產，這些資產很快變成嚴重風險。

Citi eventually joined the list of institutions deemed too big to fail, receiving $476.2 billion in bailout from the federal government.

花旗銀行最終加入了被認定為「太龐大以致於不能失敗」的機構名單，從聯邦政府獲得 4762 億美元的紓困援助。

But despite surviving the 2008 financial crisis, Citi hasn't been able to make a full recovery in the market.

儘管在 2008 年的金融危機中倖存下來，花旗銀行在市場上並未能夠完全恢復。

Citi declined to put forward someone for an interview for this video.

花旗銀行拒絕提供任何人進行此影片的訪問。

If you look at a chart of the Citigroup stock, it's basically gone nowhere for the last ten years.

如果你看一下花旗銀行股票的圖表，基本上在過去十年裡股價沒有什麼變化。

They have bounced back in the sense that their credit quality has been stable; they've been consistently profitable.

從某種意義上說，他們已經有所恢復，因為他們的信用品質保持穩定，一直保持盈利。

Their problem has been that they haven't been profitable enough.

他們的問題在於沒有有足夠的利潤。

Really, one of the key metrics in banking is its price to tangible book value, price to TBV.

其實，在銀行業中的一個關鍵指標是其價值對有形資本價值的比率，即價值對有形資本價值比。

And in that category, it's really far below all of its peers.

在這個指標下，它的表現確實遠低於所有同業。

It trades at approximately 0.5 times book value, which is below 1, and 1 is really considered the point where below one you're really kind of destroying value for shareholders.

它的交易價值大約是書面價值的 0.5 倍，這低於 1。通常 1 被認為是一個重要的分界點，低於 1 代表可能會對股東的價值造成破壞。

If you look at J.P. Morgan, it's at close to 2 at 1.8. Morgan Stanley even better at 2.

J.P.摩根，它的比率接近 2，為 1.8。而摩根史坦利的表現更好，達到 2。

And so, the old saying among bank analysts is that you're supposed to buy banks when they're about 1 or below and sell them at they're about 2.

因此，在銀行分析師之間流傳著一句古老的說法，即當銀行的比率約為 1 或以下時，你應該購買它們，而當比率約為 2 左右時，你應該賣掉。

Well, Citi has been below 1 for the past decade and really the entirety of the post-financial crisis period.

花旗銀行在過去的十年裡一直低於 1，在金融危機後的整個時期都是如此。

Today, Citigroup mainly makes its revenue from two sources.

如今，花旗集團的主要收入來源主要有兩個。

The first is Institutional Clients Group, which accounted for 54.7% of total revenue in 2022.

第一個是機構客戶群，該部門在 2022 年佔總收入的 54.7%。

Contains their Wall Street businesses, their trading, their merger advisory business, and also something called Treasury Services that investors actually really love.

該部門包括他們的華爾街業務、交易業務、併購諮詢業務，還有一個被稱為「財務服務」的部分，很受投資者喜愛。

It's essentially a bank to global corporations, and they're one of the biggest Treasury services providers in the world, second only to J.P. Morgan.

基本上，它是全球企業的銀行，他們是全球最大的財務服務提供商之一，僅次於 J.P.摩根。

Their second biggest division, personal banking and wealth management, accounts for 32.1% of total revenue.

他們的第二大部門是個人銀行和財富管理，佔總收入的 32.1%。儘管他們調整了策略，

Despite their shift in strategy, Citi's investment in wealth management hasn't paid off yet.

儘管他們調整了策略，但花旗銀行在財富管理方面的投資尚未取得回報。

In 2022, Citi expected their global wealth management to generate a compound annual revenue growth, in the high single digits to low teens.

在 2022 年，花旗銀行預計其全球財富管理部門的年複合收入增長率將保持在高個位數到低青少年個位數。

But Citi's wealth management revenue fell 5% year over year in the second quarter of 2023.

但在 2023 年第二季度，花旗銀行的財富管理收入同比下降了 5%。

The absolute revenues are hard to look at in isolation right now for a couple of reasons.

出於幾個原因，目前單獨看收入的絕對值的可能不容易理解。

One is investment banking just fell off a cliff and everybody is experiencing weakness there.

其中之一是投資銀行業務急劇下滑，每個人在這方面都遇到了疲弱情況。

And then secondly, you had this steady drumbeat of divestitures.

其次，持續出售資產的節奏。

Citi's wealth division oversaw $746 billion globally in client assets during 2022.

在 2022 年，花旗銀行的財富部門監管了全球共計 7460 億美元的客戶資產。

In comparison, Bank of America's Merrill Lynch had an asset size totaling $2.8 trillion in the same year.

相比之下，美國銀行的美林證券在同一年的資產規模總計達到 2.8 兆美元。

The unfortunate thing for Citi is that they had a very good wealth management business in the form of Smith Barney,

對於花旗銀行來說，不幸的是，他們曾擁有一家非常出色的財富管理業務，即花旗美邦，

but during the financial crisis, they had to sell that off and they sold it off to Morgan Stanley, which is now one of the premier wealth management franchises.

但在金融危機期間，他們不得不出售這家業務，並將其出售給了摩根士丹利，後者現在是頂級的財富管理公司之一。

So they need to kind of reestablish and rebuild that.

因此，他們需要重新建立和重建該業務。

So if you look at the history of Citigroup, they're trying to get back into something that they have essentially ceded to their competitors,

因此，如果你看一下花旗銀行的歷史，你會發現他們正試圖回到他們基本上已經讓給競爭對手的領域，

giving their competitors the juice and the ability to really make way in this business model that is highly favored right now by analysts.

從而讓他們的競爭對手獲得了動力和能力，在目前分析師非常青睞的這種業務模式中取得成功。

It just wastes to be seen whether Citi will be successful.

花旗銀行是否會成功還有待觀察。

I'm skeptical for as much more positive about Citi strategy when it comes to their global payments or banking or markets business.

當涉及到花旗銀行的全球支付、銀行業務或市場業務時，我對他們的策略保持懷疑態度的同時也對他們的前景更加樂觀。

I think it's to be determined how this wealth management strategy plays out.

我認為這個財富管理策略的成效還有待確定。

Citi might be on the right path for success, but the key will lie in whether the company will be able to show sustainable growth.

花旗銀行可能正在走向成功的道路，但關鍵在於該公司是否能夠展示可持續的增長。

The first step to improve is to recognize that there's a problem in the first place.

改善的第一步是要認識到問題的存在。

And so Citi has been divesting about a dozen of their consumer operations outside of the United States.

花旗銀行已經在美國以外的地區削減了大約十家消費者業務。

They're investing in their winners, just investing in their losers. They're transforming.

他們正在投資於成功的業務，同時削減不成功的業務。他們正在進行轉型。

My view is always that it's not necessarily a high return on equity that makes a stock price go. It's a rising return on equity.

我的觀點一直是，並不是高股東權益報酬率使股價上升，而是股東權益報酬率的不斷增長。

And Citi certainly has the potential for that, even though it's taken way, way longer than one could have reasonably expected.

雖然花旗銀行的情況已經遠遠超出了合理預期的時間範圍，但他們確實有這種潛力。