Why Citibank Branches Are Closing Around The World

After the company’s collapse during the 2008 recession, Citi’s stock has continuously struggled. Shares of the company saw more than a 30% drop over the last 5 years. In 2021, CEO Jane Fraser announced a bold shift in the company strategy, exiting 14 consumer markets outside of the U.S. and instead doubling down on wealth management. It’s a tactical move that several other major banks like Bank of America and Wells Fargo have adopted in recent years. So will Citi’s bet pay off and can the company return to its former glory?

Chapters:
00:00 — Introduction
01:37 — New direction
04:35 — Rise and fall
07:23 — Revenue streams

Produced & Edited by: Juhohn Lee
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson

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Why Citibank Branches Are Closing Around The World

[EvaHoffmann]

The U.S. economy's natural state is surprisingly bleak. In a desperate bid to grow, it resorts to erratic measures, employing tricks, gimmicks, and policy tweaks to stimulate expansion. While these tactics offer fleeting relief, they ultimately fail to address the underlying decline, exacerbated by inflation, leaving us with a false sense of progress.

[micheal_mills]

Sadly, banks continue to stumble, mortgage rates is on the rise with higher imports and lower exports, yet the FED is to lessen cost. So, where do we grow and safeguard our money now? something will eventually break if they keep raising interests and quantitative tightening.

[ShamileII]

Honestly, I've had pretty good dealings with Citibank. In the financial crisis, they didn't cut my credit limit like so many other banks did to me. Never a late pmt and high FICO and bank of America cut my lines of credit amd reduced my limits...including JP Morgan after they took over Washington Mutual.

[rajesha]

I am in my last 20s and I worked for Citi Bank in the Technology Division, there is a clear lack in motivation in the team where I worked, my superiors always used to post high critical activity. No one wants to take any responsibility and will wait for last day for any kind of major implementation. I worked with 3 different teams over there and every body had a same attitude. Most of the supervisors are in late 40 to mid 50.

[auggie]

They have the worst customer service which is why I refuse to do business with CITI. Years ago I had issues with an international wire transfer where it was stuck in their bank for 9 months. I literally had to fight every week to get my money back. Since that experience, whenever a company switches their credit card to CITI, I cancel right away - Costco, LL Bean, Thank you, etc. I refuse to give them any of my business - no banking, no cards.

[YFolermira]

I guess they will triumph .Recessions are an inherent aspect of the economic cycle, and the key is to get ready and adapt. I entered the workforce during a downturn in 2008. My initial job out of college was as an aerial acrobat on cruise ships. Presently, I hold the position of VP at a global corporation, own three rental properties, invest in stocks and businesses, operate my own company, and have grown my net worth by $500k in the past four years.

[shubhrashow]

Citi Consumer Banking service was available in India for more than a century. I have been a customer of Citibank India for more than a decade until March, 31st when Citi consumer banking business ownership was transferred to Axis Bank. To be honest Citibank services were better than the other banks in India and I am still using an account and a credit card with citi name on it, sadly it will soon be changed to axis. I was happy with all Citi's banking services.

[guilhermetavares]

I still remember when Citi was seen as a rich people's bank here in Brazil and only had branches in wealthy neighborhoods. They sold the business before the pandemic to Itaú.

[sauceman]

Let's process this for a second: "They haven't been profitable *enough*... it's not that they're teetering on the edge."

[darkleadermert]

Not going to lie, but we are actually really proud to have an employee like you as part of the team. The job is done so gracefully and neatly. Very well done, dear MYSTICFLIP . First of all. Thank you for making the work environment so friendly and taking your responsibility seriously and completing the work gracefully! You deserve so much.

[Jason-sfvx]

Citi was one of the best bank in the world but lack of local promotion to top country management was the main reason of it’s down fall. Over the years the quality services was replaced with medicore service. Many good upper and mid tier managers left and the outcome was bad results

[junbun]

I knew Citi was doomed when they stopped sending the happy birthday email last year; when I used to get it every year without fail. LMAO

[tradekings]

I blame the FEDs for this, because in the end they benefit by either buying off the failed banks cheaper or something. The fed can print credit as long as someone will borrow it into existence, but they cannot print product (or production).

[EmirhanOrhan-zjjs]

This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the Mysticflip on the internet movement when I say ancestral your a gift to our people

[johnl.]

As a former Citibank customer their back office/legal department take too long to get simple things done.

[Jlh]

Not surprised, Citibank has been outsourcing American customer service jobs for years to foreign countries where agents can barely speak English while trying to resolve customer service problems in America. I closed my Citibank accounts because of the Banks absence of Patriotism.

[gingerkilkus]

I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash 2.0, so my question is do I still save in the United States dollar or is this a good time to buy gold?

[eylemcelik]

This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the MYSTICFLIP on the internet movement when I say ancestral your a gift to our people

[AJ-rclr]

I am a Citgold, and i am fond of Citi because it has been used by my family of 3 generations as our investment options and business needs, and we know a lot of the Citi people who are really nice people. Hope they will still be around for generations to come

[KyudoKun]

I remember back in 2007 I applied as an agent for Citibank credit card. I undergo a training, and I'll never forget our female trainer who was at that time pregnant (she was entertaining btw) told us that Citibank was the biggest bank in US with billions of $ of asset, literally too big to fail and it is impossible to get bankrupt. Well I guess she was right at the time, because as shown in this video Citibank was worth $2 trillion in 2007. But now it looks like no company is immune to verge of collapse nowadays. Unfortunately, I back out at the training as soon as I realized that selling Credit Card was not as easy at it seems.