Bricks 'n' clicks; Internet banking.(Citigroup gets to work on an Egg)
Economist (US), The, February, 2007
Turn it into a juice bar
Citigroup gets to work on an Egg
"IF YOUR bank could start over, this is what it would be." So went the tagline of WingspanBank.com, the internet-only outfit launched by Bank One (now part of JPMorgan Chase) in 1999. But rather than revolutionising banking, it folded its cyber-wings within two years, not long after Citigroup pulled the plug on Citi f/i, its own online venture.
Now Citi is at it again. Its decision on January 29th to buy Egg, a struggling internet bank owned by Prudential, a British insurer, puts another nail in the coffin of standalone internet banking. The deal, worth [pounds sterling]575m ($1.13 billion), gives Citi 3m credit-card customers in Britain and a low-cost way to gather deposits in a...
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