January 27, 2022 | In this Premium Service issue of The Institutional Risk Analyst, we return to Citigroup (C), one of the top three banks in the US and among the highest risk franchises in the US financial services industry. Founded in 1811, Citigroup was a banking pioneer in the early 20th Century, establishing outposts in retail banking markets from Europe to Africa and the Middle East, to China and Japan, and later Mexico and the Americas. Now the offshore empire of Citi is being dismantled under CEO Jane Fraser, including the retail banking business in Mexico just south of the US border. The model going forward apparently is international capital markets, private banking and subprime consumer lending in the US. When the rationalization of Citigroup is complete, will the Citi that Never Sleeps still have a reason to exist?
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