Citi's Aristeguieta talks strategy

Francisco Aristeguieta talks about his aggressive push to close branches and reallocate resources to digital as China slows down and consumers turn to fintech startups.

Citi's Aristeguieta talks strategy

Francisco Aristeguieta took over as Citigroup’s head of Asia Pacific on June 1 last year. It was not ideal timing. Two weeks after he arrived, China’s stock markets crashed.

The benchmark Shanghai Composite stock market index hit a multi-year high of 5,166 points on June 12, before tumbling 25% in a month. Aristeguieta has been grappling with the fallout.

Consumers and institutional banking, gripped by uncertainty, have backed off making investments.

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