True to its name, we suppose, Citibank will be focusing its marketing efforts on six major U.S. metropolitan areas and wealthy customers, and not the rest of us deadbeats.
A report in the Wall Street Journal on Thursday said Citigroup was looking to limit its overall consumer lending in the United States to credit cards and large mortgages, and plans to cater to largely affluent customers.
That report also said the bank may sell or scale bank its branches in cities such as Boston or Philadelphia.
Will it work? If you’re a bank, is it better to have fewer, richer, more reliable customers? Is this a good strategy for Citigroup after two government bailouts?
Citigroup U.S. retail bank focusing on 6 cities [Reuters] (Thanks, Chuck!)