The fate of Citi as a consumer giant?

The news that Teresa Dial will step down from Citigroup (C) as head of the consumer unit is still being digested. Apart from all the catty stuff, the biggest issues relate to the future of Citigroup as a consumer banking giant. We're used to thinking about it as one of the big nationwide banks. But its consumer footprint isn't nearly as large as some people assume.

Reuters notes that Wells Fargo (WFC) and Bank of America (BAC), which both have true national footprint, both have more than six times as many branches as Citigroup.

The bank still has ambitions as a national bank--one assumes anyway--though it seems to make more of the fact that it is such a massive international presence. People will be looking for direction pretty soon from Manuel Medina-Mora, who will add North America to his portfolio as a consumer bank executive in addition to Latin America. Hopefully, a strategy is forthcoming. 

For more:
- here's the article

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