Citigroup’s Chief Financial Officer (CFO) John Gerspach at a recent investor conference stated that Citigroup wanted to launch a national digital consumer bank sometime within the next three years. Going on to state:
“I am not making an announcement right now, but I would be really disappointed if it was anything close to being three years away,”
Given that Citigroup’s IT team is known for constant issues and their banking products are not competitive with high fees and low interest rates I can’t say I’m particularly excited by the thought of a Citi digital bank. On the bright side this should mean they are putting more resources to mobile and online banking and those teams should improve over time. We might also get lucky with a bonus or two for new account holders.
