Chapter 3.2.2. Global Competitors
Among major Citigroup’s competitors the following should be mentioned in the first row: in the US (but also worldwide), Bank of America and JPMorgan Chase; in the international scope, we should also name Deutsche Bank and HSBC. Throughout various products and geographies the following banks also compete against the company: Allstate, American Express, AXA Financial, Bank of America, Bank of New York, Bear Stearns, Capital One, Chubb Corp, CIGNA, CNA Financial, FMR, GE, Goldman Sachs, The Hartford, ING, John Hancock Financial Services, Lehman Brothers, MassMutual, Merrill Lynch, Mizuho Financial, Morgan Stanley, New York Life, Northwestern Mutual, Prudential, State Farm, UBS, USAA, Wachovia, and Wells Fargo. Though, it is a long list, it is far from being complete. Having one of the widest financial product portfolios in the world, Citigroup is essentially competing with many big and medium size players in its fields.
Majority of these companies are well established in the old world, which leaves little room for expansion. Most opportunities will arise in the emerging markets where the banking system is not matured yet.