Citi says bye

By Benjamin Cher in BFO #266, 19 Apr, 21

Citibank is pulling out of retail banking in 13 markets across Asia and Europe, leaving many devastated to no longer be a Citi customer. Some of these markets aren’t small either, including China, Australia, India, and Indonesia, amongst others.

This move comes as the bank looks to focus on segments with higher returns—its wealth management and institutional business. Retail banking has never been a money maker for banks.