davos Deglobalization and decoupling of the major economic regions – that is what is being discussed in Davos these days. Only for the financial professionals at the World Economic Forum (WEF) is apparently not an issue. In any case, Jane Fraser, head of the American bank Citigroup, does not want to know anything about it when she is asked about the withdrawal of her institute from several countries. It would not be about decoupling, but about reallocating the portfolio.
The financial industry is doing what it did in previous crises: It sees – or sells – the current problems as an opportunity. The global head of private bank Citi, Ida Liu, says: “Of course, when the environment changes in so many places, you have to change your portfolio.”
At Citi, Liu mainly looks after the wealth of the super-rich. “Our clients are increasingly turning to alternative investments such as private equity and hedge funds, which are benefiting from the current volatility.”
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