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Citi card mailings slump more than 60%, according to Wells Fargo analyst

Aug. 22, 2018 10:17 AM ETCitigroup Inc. (C) StockGS, C, COF, DFSBy: Liz Kiesche, SA News Editor17 Comments
  • Citgroup's (C) card mailing volumes sank to 18.4M in July, down 66% Y/Y, the lowest level since 2010, Bloomberg reports, citing a report from Wells Fargo analyst Donald Fandetti.
  • That follows declines of 53% in May and 65% in June.
  • Total industry personal loan mailings exceed credit card mailings in six of the last seven months, boosted by personal loan mailings from Goldman Sachs's (GS -0.1%) Marcus with 44M mailings in July.
  • Capital One (COF -0.3%) leads credit-card mailings, accounting for 28% of industry volumes in July, with 79M mailings in July followed by Discover (DFS) with 43M.
  • Discover's personal loan mailings declined 7% in July, the first Y/Y drop this year, consistent with the bank's increased caution concerning the market.
  • Previously: Citi signs pact with Caterpillar Financial for private label credit card (Aug. 16)
  • Previously: Citigroup's credit-card chief Linville to exit: American Banker (Aug. 13)

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