- The bank last year went from targeting 120 of the world's top150 cities to focusing its efforts on 100 cities where it has the greatest scale and potential. The result so far is the withdrawal from towns like Tokyo, Lima, Panama City, Dallas, and Houston. In the U.S. Citi (NYSE:C) is now focused on six cities vs. 14 previously.
- The challenge: Shrink in locations where the bank lacks critical mass, while not losing the brand of having a global network.
- Jonathan Larsen, who oversees Citi's overseas retail branch business: "We have to make sure that we are not subsidizing marginal operations for long periods."