Citigroup is planning to shutter its UK retail bank to focus on its wealthiest customers as the US lender overhauls its international business structure.
Citi on Wednesday said it would invite its wealthy clients in the UK to transition to its private bank in order to wind down its retail business. Customers not eligible for the higher-end service will have their accounts closed.
The move out of retail banking in the UK comes as Wall St rivals increase their own offerings. JPMorgan and Goldman Sachs have launched digital banks in the UK in recent years in a bet that they can make money serving international consumers without the costs of maintaining a branch network.
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