- 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)