Citi plans to withdraw from two-thirds of foreign exchange platforms: FT
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
(Reuters) – Citigroup Inc (C.N) plans to compete on fewer foreign exchange platforms to win business from clients, Financial Times reported earlier on Wednesday, citing sources familiar with the matter.
The Wall Street bank plans to cut the number of websites and systems from 45 to 15 by the first quarter of 2020, the report said.
Citi could save $5 million-$10 million a year through this move, the report added, citing one of the sources.
The bank has sent a survey to the platforms to score themselves on the breadth of products they offer and their fees, among other metrics, the report said.
Citigroup was not immediately available for comment.
Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli