TEXT OF STORY
Steve Chiotakis: Citigroup may be planning to scale back its retail banking branches.
The bank, which is now partially owned by the government, has struggled to find its footing. Marketplace’s Tamara Keith has more.
Tamara Keith: In the battle for branch visibility, Citigroup lags far behind names like Wells Fargo and Band of America. The two have more than 6,000 branches each. Citi has just about a thousand, and according to the Wall Street Journal, could soon drop to even fewer.
The bank is reportedly planning to focus on the six major cities where it has the strongest presence: New York, Washington, Miami, Chicago, San Francisco and Los Angeles. Bank executives are expected to present details of the plan to the Citi board next month.
Citi is also working on improving its customer service and attracting more deposits through online banking. The Journal says going forward, Citi intends to focus its lending business on credit cards and high-end jumbo loans.
In Washington, I’m Tamara Keith for Marketplace.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.