Report: Citigroup looking to maintain presence in just 6 metro areas, limit lending to wealthy

This is just amazing. The US tax payers bailed Citi out of collapse. Not just rich tax payers, but all of us and how do they repay us? By only lending to the wealthy and closing most of their US banches.

NEW YORK (AP) -- Citigroup Inc., one of the biggest recipients of government bailout funds, is looking to scale back its U.S. retail footprint to just six major metropolitan areas and limit most lending to wealthy customers, according to a published report.

Citi's management is looking to reduce the bank's U.S. consumer lending to mainly credit cards and "jumbo" mortgages, The Wall Street Journal reported Wednesday, citing unnamed people familiar with the situation.

The New York-based bank's executives are expected in October to present plans to the board of directors to pare Citi's retail branch network and concentrate mainly on the New York, Washington, D.C., Miami, Chicago, San Francisco and Los Angeles areas, the paper said.

finance.yahoo.com...

Don't you love how the wealthy fleced the US tax payer and are continuing to do so and our government is complicit in the world bigest theft in history.

[edit on 23-9-2009 by finemanm]

Yeah, this is probably just the start of this sort of thing. If the banks sense that lending money to the "cattle" isn't effective anymore, they will find other ways of making money and limit loans to those who already have the money to borrow.

Flips side, this will break the average US citizen of the debt cycle.