Citigroup is looking for new ways to attract customers to their new online bank; the bank is looking into offering...
John Gerspach, Chief Financial Officer of Citigroup stated at an investor conference they are building the foundation which will support the launch of a national digital consumer bank launch in the next three years; the bank currently has around 700 bank branches which is far fewer than the three biggest banks. Source
Michael Corbat, CEO of Citigroup was interviewed by Bloomberg at the World Economic Forum; the bank currently spends $8.5 billion...
JPMorgan Chase, HSBC and Deutsche Bank are amongst a group investing $20mn in online shareholder platform Proxymity; the company is...
According to the Wall Street Journal Goldman Sachs is going after yet another new line of business: corporate treasury services;...
Pagaya is an asset manager based in New York; they announced that they have received $75 million in debt financing from Citi; the funds will be used for its Opportunity Fund to invest in loans by online lenders such as Prosper and LendingClub; the company uses machine learning to determine loans worthy of investment. Source
Citigroup has a new small business loan offering offered through a branded partnership with Biz2Credit; the partnership follows new small business offerings from JPMorgan and Wells Fargo; Rohit Arora from Biz2Credit said the partnership has not been widely publicized because it is in very early stages; small business lenders use a website interface managed by Biz2Credit that submits their information to a Citigroup banker for follow up; Arora also said the new small business loan offering is part of the bank's Community Reinvestment Act obligations. Source
Citigroup has shrunk its retail banking business over the years, but is now looking to become a national player; they plan to do this by expanding mobile app features to serve new customers wherever they live; the app will include banking, credit card, lending, investment tools and account aggregation; Citigroup has invested three years into their digital plans and also has plans for a roboadvisor within the app Source
Banks and fintech firms are in competition over payments systems and each thinks real-time payments should be run differently; Bank...
Citigroup reported that the number of customers using its mobile app rose 25% to 10 million from the first quarter...