Citigroup announced that it will exit 13 international consumer banking markets, focusing its attention on wealth management and away from retail banking in places where it is small.
Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and UAE.
“Citigroup will leave China, India and 11 other retail markets where we don’t have to compete,” said Jane Fraser, Citigroup’s chief executive officer.
He described Pivot as part of ‘double down’ efforts on wealth management, where growth opportunities are better.
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