Citigroup could make an even stronger foray in to private label cards. Bank of America Merrill Lynch analyst Erika Penala said in a note to clients on Tuesday that Citi could be the most logical buyer for GE Capital's $31 billion private label card portfolio.
Wells Fargo has greatly expanded its share of the U.S. mortgage lending over the past several years, as Bank of America has pulled back. But with mortgage refinance volume slowing, the company needs other levers to pull, in order to grow its earnings.
A focus on growing its lucrative credit card business offers a refreshing contrast to the continual and depressing focus of the largest U.S. banks on hitting their numbers by cutting overhead expenses.
-- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn