Is the Core Franchise Centrally Cleared or Shared Services?

In the last few weeks, Michael Corbat, Citigroup CEO said “… we can’t cut our way to glory. We intend to generate savings through greater efficiency and the elimination of redundancies throughout the organization–while protecting our core franchise …”

So what is the core franchise?  Most investment and universal banks are struggling with both the definition and execution, with the current beneficiaries chiefly being the large consulting firms.  Banks need capital, they need collateral, they

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