CITIBANK Global Consumer's Position within Europe, with specific emphasis on Germany
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Authors
Downs, Laura Gage
Issue Date
1993
Type
Thesis
Language
en_US
Keywords
Alternative Title
Abstract
During the winter quarter of 19931 traveled to Bonn, Germany to do
an internship for my Senior Individualized Project (SIP). My internship was
at the American-owned bank Citibank. I did not know much about
Citibank's presence within Germany, and I had not yet chosen a topic for
my SIP paper. I was, however, excited at the chance to forge out on my
own in Germany. I had arranged my .own housing and was going to work
at a day-to-day job within in a foreign country; I was thrilled.
The Citibank branch I worked at was small. The 15-employee
branch was located downtown in the pedestrian section of Bonn. My
internship involved more observation and secretarial tasks than analytical
work. In the beginning I was frustrated at the lack of true work I was given.
I felt that with my level of education I should have been undertaking more
difficult tasks. The language was definitely an obstacle in doing
advanced work, but I came to realize that the main obstacle was the
different training process, in comparison to America, of bank employees
within Germany.
The German educational system is different from the American
system. Only a small portion of the society attends university; a much
larger percentage attends a trade school. The offered areas of study are
more diverse than is common at an American trade (or as more
commonly know-vocational) school, in the US. In fact, Germany's trade
school program is one of the most extensive in the world, ·guaranteeing
virtually everyone the opportunity of a high wage skill* (26). Future
electricians, gardeners, salesmen and woman, chefs, bankers, etc.,
choose their career direction much earlier, and study much more specific
skills, than is true of their American contemporaries. In order to obtain a
job in a bank, one must first complete a trainee program, which involves:
study at a trade school; specific training within the bank; and at least two
years of full-time work at the bank. The first step in the process is to apply
at a bank. Once accepted, the bank enrolls the student in a nationally
regulated banking school. The trainee must both satisfy the bank's trainee
requirements and pass the banking school's exam before being eligible to
become a qualified bank employee(lO). Once I understood the long
period required before a trainee was allowed to deal with a customer
independently, I understood why I was not being expected to undertake
projects individually. While it is common within America for a student to
do a three or six month internship, this is not common within Germany. It
was difficult for many Germans to understand exactly what I was doing
and how the experience fitted into my course of study in America.
This cultural difference was interesting, and an understanding of it helped
relieve my frustration on the job. There were days when I wished the
actual work was more demanding; however, I received a chance to
observe was going on around me in the bank. It was fascinating to watch
the interactions between customers and employees, and among the
employees themselves.
The SIP topic that evolved from my internship is Citibank's presence
and growing market position specifically within German, but also within
Europe as a whole. It was not a simple topic to research. The Bonn
branch was very busy and, because employees were constantly involved
in daily tasks, there was not often time to ask questions. However from my
experience at the Bonn branch I developed a framework on which my
whole SIP paper is built. My daily experience provided me insight into the
business and management practices of Citibonk within Germany.
Although I had no first-hand experience at other branches, I was able to
research Citibonk structures within other countries. To orient the reader to
certain specifics of the bank, my introduction covers Citibonk's world wide
presence. The first section of the paper then proceeds to Citibank within
Germany. I describe the services offered by Citibank, and the high level
of growth that the bank is experiencing. In addition I present reasons for
the growth. The second section of the paper outlines changes resulting
from the emerging European Community, and Citibonk's strategies to
benefit from these changes.
I ended my internship with a clear idea of Citibonk's current
structure within Europe, and of the direction the bank is headed. What 1
conclude is that: ( 1) Citibank is the most innovative growth bank within
Germany and, (2) by developing advanced banking technology,
emphasizing service, and already having a strong presence within many
European countries, the bank is in an excellent position to benefit from the ,
emerging European Community.
Description
vii, 187 p.
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