Citi’s Bet on a Smaller Footprint Starts to Payoff

Unlike Bank of America and JPMorgan Chase Citi has shrunk their branch footprint and the bet is starting to the payoff; Citi added about $1bn in digital deposits for Q1 2019, more than off of 2018; about two thirds of the deposits came from new customers and over 50 percent came from individuals who don’t live near any of Citi’s branches; “For the 21st century, we are glad we never got the ballast of an extra 4,000 branches,” said Stephen Bird, the bank’s Chief Executive of Global Consumer Banking, to the Wall Street Journal. “I’m certain it’s going to turn out to be a very fortuitous thing.”; the bank is also looking to further blur the lines between credit card customers and the retail bank; while the bank is still behind some of their peers when it comes to return on equity, they feel they are better set for a more digital future. Source.

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