At Citigroup (NYSE: C), the marketing rhetoric has shifted. Instead of aspiring to be a "universal bank," it now aims to be a "global bank." CEO Vikram Pandit (Vikram Pandit news) has long held that the bank was uniquely poised to provide services around the world.

When the domestic lending crisis was at its most intense and the bank was still on the government dole, I thought his insistence on drumming that idea was a bit of a mistake, as it made it appear the bank was merely riding out the domestic recession without considering lending possibilities to small businesses and such. Now that the bank is no longer a ward of the government, Citi may be more free to emphasize its global ambitions.

Back in April, Pandit announced in the first-quarter earnings release that the results had "given us the best glimpse yet of the potential of America's global bank." In the second quarter, the theme is alive. Asia and Latin America generated more than 70 percent of Citi's income from continuing operations last quarter, notes the American Banker. In those regions, the company boosted revenue year-over-year in its consumer banking and transaction services businesses.

We'll see how this turns out. It would be really easy to get burned. Banks betting their lending portfolios on emerging countries have often paid the price in the past. But the bank needs a new strategy pitch, and this might be it. 

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