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Citi to exit UK retail market

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Citi is shuttering its UK retail operations to focus on wealth management services for its wealthiest clients.

“This proposal would enable Citi to focus on clients requiring comprehensive advice on managing their wealth and would benefit from Citi’s key strengths in private banking and investment services,” says the bank in statement. “Clients of Citi’s UK retail bank who meet this profile would be invited to make use of Citi’s private banking services, where they would enjoy the benefits of a broader product range and more bespoke service, including transaction banking.”

If implemented, clients who don’t match the profile will see their accounts closed as the bank winds down operations in 2023.

Citi’s UK retail bank is small, comprising a single branch at its Emea headquarters in Canary Wharf.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” says the bank. “No final decision can be taken until that process concludes.”

While rivals JPMorgan and Goldman make big bets on new digital banks in key territories, including the UK, Citi has been actively moving away from global consumer banking, selling off retail operations in Mexico, Indonesia, Malaysia, Thailand and Vietnam.

Source: Finextra
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