Daily US Times: Citigroup is closing its consumer banking operations in 13 markets across the Middle East, Europe and Asia.
The US banking group will instead run these operations from four hubs in the United Arab Emirates, Singapore, Hong Kong and London.
It will continue to offer products to larger institutions and clients in these markets.
Jane Fraser, the chief executive of Citigroup, said it “does not have the scale” to compete in these 13 markets.
Citigroup will shut down consumer banking operations in Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, Vietnam, Australia, Bahrain, China, India, Indonesia and South Korea.
Ms Fraser said in a statement: “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres, Singapore, Hong Kong, UAE and London,”
Ms Fraser took over Citigroup in September last year – becoming the first woman to become chief executive of a Wall Street bank.
She added: “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete.”
“We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”
On Thursday, Citi reported net income of 7.9 billion US dollars for the first three months of 2021, beating analysts’ expectations.
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