USPB is no more. Decisions will be made over next 6 weeks how to align the former USPB functions (Analytics, Risk, COO, and Client Experience) into Cards and Wealth. There will undoubtedly be layoffs in 1Q26 for these groups impacted. I’m sure redundancies will also occur in Cards and Wealth for the incoming people as well.
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Isn't the Cards business profitable if not extremely profitable ? Why would Citi sell it then?
https://www.ft.com/content/f48bf7f4-2fef-4ba8-b0e0-9af3a64c2016
Carving out Citi’s credit card business gives Citi an exit option should it one day choose to sell.
@mt Apparently it was promised to the Wealth head.
https://www.efinancialcareers.com/news/citi-reorg-mike-mason
USPB has done pretty well lately. Why they want to associate themselves with wealth is beyond me.
Why 2030? Why not now?I really need/wish some changes in higher management/hierarchy where there will be more transparency
It is going to be interesting for sure. I am frankly concerned about my role. This integrating the mortgage businesses and kind of feel I will be pushed out because of salary. They don’t seem to want people in NYC anymore.
@a2 How do you think? Smaller bank, fewer business means less infrastructure and fewer people to build it and run it.
I'm retired from Citi as well. The company I started at 30 years ago is long gong-- the downhill slide started with Travelers and never stopped.
Retired from Citi and not financially smart enough to know the future solvency of the bank. But this regular shuffle and reshuffle of reporting structures plays to the strength of many MDs and Ds at the bank -- political positioning and "strategy". It's a built in excuse to not execute. Not task level execution...lots of good folks can do that. I mean major initiative execution. It leaves the troops guessing and demoralized. The "C" in Citi stands for ... nice people who need good leaders but get bad ones yet decide to stay. O blah dee O blah dah.
Yes. The vultures have been circling Citi for years now.
Citi Will be sold in whole or pieces by 2030. Writings have been on the wall for decades. Same fate as Bear Stearns, Credit Suisse, Lehman, etc..
I think they will sell the US based units to other banks. Card is now stand alone. Investment banking, wealth management, transaction processing will be sold as they finalize sale of international units and spin off Banamex. By 2030 citi won’t exist. Wells Fargo potential buyer for units.
How do we think USPB Tech/Data will be impacted seeing as how this sits outside USPB currently?