Edward Jones, which last fall withdrew an application to create a bank, has entered into a strategic partnership with Citigroup to offer checking and savings accounts to its customers.
The St. Louis brokerage said in a press release that it will focus on U.S. clients in 2024. It plans to expand into securities-based lending and could add other retail banking products and services.
“This new offering will further strengthen our nearly 19,000 financial advisors’ ability to help our clients achieve their financial goals through more holistic advice, planning and solutions,” Haas added.
Citi plans to leverage Citi Alliance – a banking and lending service for clients of registered investment advisors, technology providers, broker-dealers and custodians – to support Edward Jones’ advisers and clients.
Edward Jones in 2020 applied for an industrial loan charter, but withdrew the application two years later.