Their competitors are BofA and JPMC. All three feature an investment bank, a commercial bank and an asset manager. There are a number of smaller operations wh

Their competitors are BofA and JPMC. All three feature an investment bank, a commercial bank and an asset manager. There are a number of smaller operations which have all three but none at the scale of those three. Wells is much smaller, and HSBC isn’t a US bank. Goldman and Morgan Stanley don’t really have a commercial banks and neither do the mega sized asset managers like Blackrock. So the thing is Citi isn’t really a bad commercial bank and is really useful for corporate treasury services if you’re a large multinational company. Their international footprint is huge and fit a lot of use cases it’s either them or HSBC. The problem is the IB and AM are ‘meh’ and hugely inefficient. It’s not like they do such a terrible job from a customer perspective. From an investor perspective it just costs so much to do it.