Citigroup’s far-flung operations have long been one of its greatest strengths. CEO Mike Corbat formerly ran the bank’s operations in Africa, Europe, and the Middle East, but being the most exposed to the emerging markets has been a liability lately. Still the firm’s financial strength is among the best of the big banks these days, a big turnaround from 2008, when Citi nearly failed in the financial crisis. Citi came back to life by becoming super cost efficient, but the boost from cost cutting may be coming to an end. Recently revenue has been falling faster than Citi can cut expenses.
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Jane Fraser, CEO of Citigroup Latin America tells Fortune's Nina Easton how poor infrastructure is holding back the economies of several emerging markets.