“This proposal would allow Citi to concentrate on purchasers requiring complete recommendation on managing their wealth and would profit from Citi’s key strengths in personal banking and funding companies,” says the financial institution in assertion. “Shoppers of Citi’s UK retail financial institution who meet this profile could be invited to utilize Citi’s personal banking companies, the place they’d get pleasure from the advantages of a broader product vary and extra bespoke service, together with transaction banking.”
If carried out, purchasers who do not match the profile will see their accounts closed because the financial institution winds down operations in 2023.
Citi’s UK retail financial institution is small, comprising a single department at its Emea headquarters in Canary Wharf.
“Citi has begun the method of collectively consulting with workers of its UK retail financial institution in additional element in regards to the proposal,” says the financial institution. “No closing choice could be taken till that course of concludes.”
Whereas rivals JPMorgan and Goldman make huge bets on new digital banks in key territories, together with the UK, Citi has been actively shifting away from world client banking, promoting off retail operations in Mexico, Indonesia, Malaysia, Thailand and Vietnam.,