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Byline: Rob Rose
BANKING Strong, but still hurting Listening to Citi's new boss for SA, Naveed Riaz, discussing how his bank is fundamentally strong must be a lot like hearing a Roman commander reassuring the troops as the Ottoman Turks storm Constantinople during the last hours of the Roman empire.
A glance around the wreckage shows that formerly dominant global banks Citi (previously Citigroup), JP Morgan, Bank of America and Barclays are a fraction of the size they once were.
As the graphic below shows, 18 months ago, SA's banks were minnows. The top four banks in our sample with the highest market capitalisation were Citi ($255bn), JP Morgan ($165bn), Royal Bank of Scotland ($120bn) and …