{"id":1651584,"date":"2022-09-21T14:51:09","date_gmt":"2022-09-21T18:51:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1651584"},"modified":"2022-09-21T14:51:45","modified_gmt":"2022-09-21T18:51:45","slug":"citigroup-plans-to-wind-down-uk-retail-bank-as-part-of-strategic-refresh","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/citigroup-plans-to-wind-down-uk-retail-bank-as-part-of-strategic-refresh\/","title":{"rendered":"Citigroup plans to wind down UK retail bank as part of strategic refresh"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcitigroup-plans-to-wind-down-uk-retail-bank-as-part-of-strategic-refresh%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1651584&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(Reuters) -Citigroup Inc said on Wednesday it was planning to wind down its retail bank in the United Kingdom, aiming to further streamline operations as part of its chief executive\u2019s strategy.<\/p>\n<p>The move would help Citi improve its focus on services to wealthy clients, the bank said, adding that it had asked certain of its retail clients to shift to its private bank.<\/p>\n<p>Winding down its UK retail bank, which comprises just a single branch, would have no material financial impact on the company, the lender added.<\/p>\n<p>After taking up the top job last year, Chief Executive Officer Jane Fraser pledged to simplify Citigroup by exiting non-core businesses, including consumer franchises in 13 markets in Asia, Europe, the Middle East and Africa.<\/p>\n<p>Fraser has been tasked with transforming a business whose share price lagged rivals like JPMorgan Chase &#038; Co and Bank of America during her predecessor Michael Corbat\u2019s eight years in charge.<\/p>\n<p>On the other hand, JPMorgan and Goldman have expanded their operations in the UK in recent years. In May, executives at JPMorgan said its consumer bank Chase had attracted more than half a million customers in Britain.<\/p>\n<p>Goldman also offers savings accounts under its consumer arm Marcus in Britain.<\/p>\n<p>Citi\u2019s latest announcement comes months after the bank said it would exit its Citibanamex consumer banking business in Mexico, ending its 20-year retail presence in the country.<\/p>\n<p>The UK plans were first reported by the Financial Times, which said Citi is not considering selling its UK retail operations.<\/p>\n<p>The bank has begun consultations with its UK retail banking staff, Citi said.<\/p>\n<p> (Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel and Shailesh Kuber)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/citigroup-plans-to-wind\/file-photo-the-citigroup-inc-logo-is-seen-at-the-4\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8K0WI-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8K0WI-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Citigroup Inc said on Wednesday it was planning to wind down its retail bank in the United Kingdom, aiming to further streamline operations as part of its chief executive\u2019s<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1651584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1651584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1651584"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1651584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1651584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1651584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1651584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}