Citigroup slips further behind rivals

Citi Building Sign

Citigroup, which pioneered the era of global megabanks before almost collapsing in the financial crisis, just slid behind Wells Fargo to rank as the US’s fourth-biggest bank.

Bloomberg News reports that Wells Fargo’s assets totalled $1.79tril at the end of 2015, surpassing Citigroup’s $1.73tril, according to the companies’ earnings reports Friday. It’s not the only crown the bank has taken from its New York rival: Just over a year ago, Wells Fargo broke Citigroup’s longstanding record as the nation’s most-valuable bank.

The latest hand-off underscores the difference in their strategies. Wells Fargo CEO John Stumpf has amassed deposits and snapped up assets from other lenders to spur growth. Citigroup CEO Mike Corbat, in contrast, has exited businesses and sold branch networks in some countries to hone the firm’s focus and improve profitability.

To access the complete Bloomberg News article hit the link below:

Citigroup, Once Top U.S. Bank, Slips to No. 4 Behind Wells Fargo

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