Citi focuses its efforts on 6 cities



Citigroup unveiled its intention to focus its marketing efforts on six cities, New York, Washington, Miami, Chicago, San Francisco, and Los Angeles, according to Thursday’s Wall Street Journal report.

Thus, Citi, encouraging its retail banking business development, plans to extend branch hours and refurbish branches in chosen cities.

However, bank’s CEO Vikram Pandit said he does not want to dramatically cut its branch network. "We are in the right places, and while we continuously refine our branch locations,” he stated. “We are not anticipating any dramatic changes to our footprint — despite recent media reports to the contrary”.

According to the report, Citigroup was seeking to limit its overall consumer lending in the US to credit cards and large mortgages, and plans to cater to largely affluent customers. The bank may also sell or scale its branches in other big cities like Boston or Philadelphia.

ECJ




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