Citigroup makes push for small businesses

16 November 2010

New York-based financial services firm Citigroup has announced plans to entice small to medium-sized enterprises (SMEs) in the US by employing scores of new specialist bankers.

Citi already claims to list 2,500 of the planet's 3,000 largest businesses as clients and has revealed that it intends to hire another 200 individuals to work with SME customers by the end of next year.

"It's a renewed focus for us," the group's small business banking head Raj Seshadri told Bloomberg. "We feel we can help business owners and the economic recovery and there's money to be made for our shareholders."

Chief executive Vikram Pandit stressed the bank's commitment to SME lending and claimed smaller business ventures currently find themselves "at the heart" of America's ongoing economic rebound.

Last week, it was revealed that three former Citi bankers had been subpoenaed by the Securities and Exchange Commission as part of a probe into alleged offences relating to the sale of debt funds.

By Gary Cooper

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