Citi plans to wake the sleeping parrot
Citi has never been clear what it wants to be in the retail market in Europe. It appears to have grown in Europe without any clear joined-up pan-European stategy. Now there is an opportunity for it to re-think what its proposition is to European banking customers and to leverage far more effectively its global, cross-border brand and its high net worth positioning for Europe. Hopefully a slimmer and re-energised Citi will be able to do this and to truly compete in the retail market against the likes of HSBC, Santander and Barclays, for the business of the global, mobile, modern Europeans. There is no doubt that there is a need for more competition for these customers, but it is going to take a lot more than opening ‘Apple-style’ branches to be a contender.