Citigroup to exit retail markets in 13 countries, including S. Korea
Updated: 2021-04-16 10:01:54 KST
Citigroup is closing retail banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management.
Citigroup the decision comes due to a lack of scale to compete in countries, including South Korea, Australia, China, Russia, and Vietnam.
Instead, it'll focus on Singapore, Hong Kong, the UAE and the City of London.
It beat analyst estimates for first-quarter profits with strong investment banking revenue and a large release of loan-loss reserves.