According to the report, Citi is looking to focus its banking operations in six major metropolitan regions throughout the US, namely San Francisco, Los Angeles, New York, Washington, Miami and Chicago, as well as downsize overall consumer lending volumes and increasingly target corporate clients.
Editors notes: Citigroup seems to be following in BoA’s footsteps, choosing to downsize the number of brick and mortar branches in favor of a “small but smart” concept likely to focus the bank’s advertising on the online environment. It remains to be seen if this initiative will reach its envisaged purpose of boosting consumer deposits uptake.
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