Philip Hooper, who in March took over from Clive Jones as chairman and managing director, said that clients were now questioning market prospects, particularly in terms of diversifying their wealth around a number of different banking institutions.
Citi’s New York headquarters recently announced that it expected to report a 60 per cent drop in net income for the third quarter of this year, as a result of ‘dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment’.
