To address this, the CEO, Jane Fraser, announced a strategic shift, closing branches in 13 retail markets outside the United States and focusing on wealth management.
📉 Citigroup has seen a significant drop in stock value, facing challenges in profitability and underperformance.
🌎 The company is closing branches in 13 retail markets outside the U.S. as part of a strategic shift.
💼 Citigroup aims to double down on wealth management, targeting affluent clients for stable earnings.
🔎 The focus on simplifying the business by reducing its footprint and complexity is reminiscent of Citigroup's past.
🏦 Citigroup's strategic shift under CEO Jane Fraser involves closing non-core branches and emphasizing wealth management.
Staying true to its vision, being innovative, and navigating these obstacles with agility will be critical to the success of Citigroup's transformation journey.
However, the path ahead is not without challenges, as the bank faces competition, regulatory complexities, and economic uncertainties.