Citi to exit UK retail banking
Citigroup plans to end its retail banking business in the UK, focusing on its wealthier customers.
According to a Press release On Wednesday, September 21, the banking giant said it was urging its wealthiest customers to start using its private banking services as it scaled back its retail business. Customers who do not meet the criteria for this new service will have their account closed.
“Citi has begun the collective consultation process with employees of its UK retail bank in more detail on the proposal,” Citi said in a statement. “No final decision can be made until this process is complete.”
The bank reportedly added that “the overwhelming majority of customers would not be affected until 2023”. Citi has a UK branch, based in Canary Wharf in London.
See also: After Citibanamex closes, Citi will invest in companies that match its ‘core strengths’
In January, Citi announced changes to its business structure as part of a broader strategy to move away from global retail banking. The year began with Citi announcing the closure of its Mexican retail banking subsidiary, Citibanamex, and the sale of consumer banks in Indonesia, Malaysia, Thailand and Vietnam to the United Overseas Bank of Singapore.
Read more: JPMorgan hires in Germany to develop its retail bank
Earlier this month, JP Morgan revealed plans to hire a team of retail bankers in Germany as it prepares to expand its international consumer business. The bank’s first venture outside the US was last year, when it opened a digital-only retail offering in the UK.
The leaders said they wanted to expand to other countries. JP Morgan will assess the success of the deployment before deciding where to launch similar operations.
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