Just a year ago, Citigroup Inc. was weighing acquisitions aimed at making it a retail-banking giant across the U.S. Now it is retreating.

Executives at the New York company plan to narrow the focus of Citigroup's U.S. branch network to six major metropolitan areas, according to people familiar with the situation. Citigroup also will limit its overall consumer lending in the U.S. primarily to credit cards and "jumbo" mortgages, while catering largely to affluent customers.

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