Citigroup realizes they’ve been over-charging Gold clients

Got $50,000? If you have it in a Citigroup (NYSE:C) Citigold account as of Nov. 1, you won’t have to pay monthly fees anymore. Yipee.

Got $50,000? If you have it in a Citigroup (NYSE:C) Citigold account as of Nov. 1, you won’t have to pay monthly fees anymore. Yipee. Smaller banks would be falling all over themselves to land clients who keep $50K in their bank accounts, but Citigroup thought it would be a great idea to charge high-net worth individuals to get an exclusive banking account that promises “invitation-only movie premieres, closed door pre-sales events, members-only clubs, and many of the top-tier restaurants in every time zone.”

It’s not a good sign for one of the top five biggest banks in the US. It’s an admission, in fact, that Citigroup needs to do something to stop the blood-letting. They’ve slipped to fourth place in bank deposits among the country’s biggest banks after they lost out on their bid for Wachovia Corp. Wells Fargo & Company (NYSE:WFC) landed Wachovia instead, and they quickly jumped up on the list of big banks.

Still, will cutting the fees for big fish be enough to lure back customers? A lot of analysts say probably not. If Citigroup’s plans in China come to fruition, though, it probably won’t matter. Who needs American clients when you can get Chinese?

Top five biggest bank stocks in the U.S. by market cap

The roiling financial markets in the U.S. have knighted new winners and demoted the old guard. What are the top five biggest banks in America?

The roiling financial markets in the U.S. have knighted new winners and demoted the old guard. What are the top five biggest banks in America?

Bank of America Corporation (NYSE:BAC) $132 billion
JPMorgan Chase & Co. (NYSE:JPM) $149 billion
Wells Fargo & Company (NYSE:WFC) $129 billion
Citigroup Inc. (NYSE:C) $111 billion
Goldman Sachs Group, Inc. (NYSE:GS) $72 billion