2023-04-21 05:45:00 ET
When Citigroup (NYSE: C) launched its major strategy overhaul more than two years ago, a big theme management laid out was divesting businesses that did not have enough scale and investing in areas the bank already excelled in or that could eventually obtain enough scale.
One area that management planned to emphasize was global wealth management. Wealth management has become a popular business among large banks because it is less capital-intensive than some other banking activities and can generate strong returns.
So far, Citigroup's global wealth efforts are off to a slow start, although there have recently been some signs of life. Let's take a look.
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Citigroup's Global Wealth Strategy Is Off to a Slow Start, but There Are Signs of Life