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Major US bank targets affluent consumers
July 30, 2010
Citigroup is to target wealthy US consumers in big cities with a revamped offering of accounts and credit cards, in the latest attempt to revive its North American retail bank.
The strategy, spearheaded by Manuel Medina-Mora, the unit's chief, is a recognition that Citi needs to scrap its focus on the mass market in the US and cater for the richer customers it serves in its overseas operations. Citi has long been under pressure to improve the performance of the US retail bank, which is smaller and less profitable than competitors such as Bank of America, JPMorgan Chase and Wells Fargo.
Original Posting At: TheFinancialTimes
The strategy, spearheaded by Manuel Medina-Mora, the unit's chief, is a recognition that Citi needs to scrap its focus on the mass market in the US and cater for the richer customers it serves in its overseas operations. Citi has long been under pressure to improve the performance of the US retail bank, which is smaller and less profitable than competitors such as Bank of America, JPMorgan Chase and Wells Fargo.
Original Posting At: TheFinancialTimes
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