Now raising intellectual capital
It appears Citi may not be pulling out of cities like Boston and Houston after all.
The Wall Street Journal is reporting that Citi is giving serious consideration to shrinking its retail banking presence in the US by retreating from cities where its laggard, such as Boston, Houston and Philadelphia. Instead, the bailed out banking giant would focus on six major US cities where its retail presence is strongest.
But the WSJ story only may be half right. I’m told that Citi does intend to put more focus on the six cities its strongest in and may close or sell some branches in the cities where it’s weakest. But for now, according to a source close to the bank, there is “no plan to dramatically change” Citi’s retail footprint in the US.
Seems to me, a retrenchment from three major metropolitan areas would be a dramatic change.