Citigroup stands by card strategy despite economic clouds

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Some Wall Street analysts have begun to question whether Citigroup Inc’s big bet on credit cards will backfire if the U.S. economy enters a recession, despite the bank saying it is underwriting responsibly.

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NEW YORK (Reuters) – Some Wall Street analysts have begun to question whether Citigroup Inc’s (C.N

Citigroup is also adding new features to encourage borrowers to use their cards more. The bank this year introduced a new card that rounds up to the nearest 10 reward points on every new purchase, and rolled out installment loans for large transactions.

Anand Selva, head of consumers strategy, said he expects the business to continue picking up steam with the right mix of consumers.

“We sort of hit our sweet spot,” Selva said.

Reporting by Imani Moise; Editing by Lauren Tara LaCapra and Marla Dickerson


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Author:

Some Wall Street analysts have begun to question whether Citigroup Inc’s big bet on credit cards will backfire if the U.S. economy enters a recession, despite the bank saying it is underwriting responsibly.

Source: {authorlink}

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