The bank is allowing employees there to “do what they feel comfortable doing,” CFO Gonzalo Luchetti said Tuesday, as the bank reported $23.8 billion in quarterly revenue – its best Q3 in a decade.
Citi is allowing its Saudi Arabia-based employees to work from home amid an uptick in regional conflict, CFO Gonzalo Luchetti told reporters Tuesday.
“Unfortunately, this is not the first disruptive event, and one that has a lot of impact on human life, across the region … [and] the safety of our employees and the families of our employees have always been our top priority,” Luchetti said during a media call, days after a series of missile and drone strikes on King Khalid International Airport in Riyadh. “We've already taken measures to make sure that we support their well-being.”
Saudi Arabia-based employees can “do what they feel comfortable doing” and be close to their families, Luchetti said, and the bank is also able to provide “additional shelter and so on.”
New York-based Citi reported third-quarter earnings Tuesday, including its best Q3 revenue in a decade, of $23.8 billion. Revenues increased 8% year-over-year, driven by growth in services, wealth, markets and banking.
Citi opened its Middle East regional headquarters in Riyadh last year. The bank entered Saudi Arabia 70 years earlier, but the 2004 sale of its stake in Samba Financial Group left it without a presence in the country for more than a decade.
“The Middle East is one of the most dynamic regions in the world, and Saudi Arabia sits at the heart of that transformation,” CEO Jane Fraser said last year.
Source link
