Branch banking

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

The pandemic was certainly a factor, but the Mississippi company says its decision to concentrate interactive teller machines in drive-through lanes and retrain employees who appear on-screen made a big — and potentially lasting — difference.

Christine Channels will oversee a group of branches focused on low- and moderate-income areas, according to a memo from executives who run the division.

Citigroup Chief Executive Jane Fraser said she’s “very bullish” on the immediate outlook for the U.S. economy, and the banking giant is still planning to add more branches around the country.

Michael Moeser, senior analyst at PaymentsSource, talks to Simon Powley, head of advisory services at Diebold Nixdorf, about the importance of cash as the economy recovers from the coronavirus pandemic.

Lenders including Howard Bancorp and First Carolina Bank are shunning acquisitions as a route into new markets, to avoid overpaying for targets and inheriting potential loan problems.

The Texas company kept allowances steady, citing lingering concerns over the pandemic and commercial real estate. Yet it plans to open 25 offices in Dallas after a similar expansion in Houston drove asset and customer growth.

The community banks join a growing list of banking companies closing locations as customer preferences shift to digital channels.

Citigroup could fetch as much as $6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.

The Ohio company has opened just 32 of 120 new branches it plans in the region by 2022, but those offices are making a sizable contribution to growth.