The bank has been a bit of a lightning rod for investors since its founding, with its rapid expansion of its network, focus on small- and medium-sized businesses, and aggressive lending practices.
That all changed last month, when Citi CEO James Gorman made a splash by announcing the bank would start charging people to open and close accounts, something that had previously been optional.
And as of Wednesday, Citi would no longer let people transfer funds from their accounts to the bank’s virtual wallet to spend at the bank.
The move was met with a storm of criticism, with many worried that the bank was getting too big to be a safe bank.
But Gorman told the Financial Times he wasn’t concerned that the move would hurt the bank or its customers.
“We think that our focus will be on the things that really matter to the community,” he said.
Gorman also acknowledged that he’d made a few mistakes in recent months.
He said that the number of transactions his bank accepted had dropped significantly, and that the company had been working to streamline its customer experience, which was something he’d done in the past.
But he insisted that Citi was in the best position to succeed as a bank, pointing to the fact that its small and medium businesses accounted for a significant chunk of its business.
The bank, which has a staff of just under 400, has also said it’s doubling down on its focus on growing its retail footprint.
It said it would continue to focus on retail lending to boost its total account volumes, and would also work to build a more robust mobile app and other services.
(The bank has also launched a new website that allows customers to search and find nearby branches.)
In a statement, the bank said that it’s “reinforcing our commitment to the retail lending community by adding to our existing and expanding network of banks, as well as expanding our online banking offerings.”
It also added that it has “continued to invest aggressively in customer engagement and retention,” with the goal of “providing a safe and secure platform for our customers.”
But that’s not the only change that’s coming to Citi.
In a blog post, the company said that as it works to build more of its customer service team, it would be opening up a new team dedicated to helping customers better understand the financial products they use.
The blog post noted that the changes will be rolled out over the next two years.
And in a post on its website, the banks chief financial officer, Michael Wachs, wrote that the new team would “ensure that customers are confident in their financial choices.”
That will require more focus on getting to know customers, and getting them to understand the services they can expect, Wachsdorf wrote.
That’s not an easy task, but the bank has a long way to go.
The new team will have to learn the nuances of how to interact with its customers and navigate the financial markets.
And it will need to work harder to learn how to get its customers to use the new services.