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Finance

Citigroup banks on disciplined approach to China

Institutional banking and wealth management are focus of Asia strategy

HONG KONG -- U.S. banks from Goldman Sachs to JPMorgan Chase are hurrying to expand in China as the country opens up its financial markets -- but Citigroup's top regional executive says his bank will pick its opportunities carefully rather than get caught up in the rush.

The bank, one of the best-known international names in Asian financial services, is changing tack substantially in Asia, starting a big pullout from most retail banking. It will concentrate on wealth management, institutional banking and China, where it has had a presence since 1902.

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