![]() We have seen other banks make similar decisions recently,“ said Stovall of S&P. “Any bank should arguably consider whether to remain in a business that is not earning its cost of capital, much less one that is producing no earnings. In Asia as a whole, at the end of 2020, Citigroup had 224 retail branches and $123.9 billion in deposits. In contrast, one of India’s largest domestic banks, State Bank of India, has about 24,000 branches. ![]() In India, Citi has only 35 retail branches and employs about 4,000 people in its consumer banking business. “However, it is more difficult to be successful in retail banking outside of a bank's home market,” Martinez added. And might not be worth allocating capital towards.” In that earlier research note from December 2020, after meeting with Fraser, Martinez wrote: “A global franchise is good for wholesale businesses, though not retail banking.” He added that Citigroup's global presence provides “competitive advantages” in commercial payments, corporate banking and private banking.
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