Citi To Exit Retail Banking In 13 Countries, Including India, China, To Focus On More Lucrative Wealth Management

Citi To Exit Retail Banking In 13 Countries, Including India, China, To Focus On More Lucrative Wealth Management

Share to Linkedin As she unveiled strong-first quarter earnings, newly installed Citigroup CEO Jane Fraser on Thursday pulled the plug on retail banking operations in 13 countries, including India and China, in order to "double down" on wealth management, a source of potentially higher growth and profits. A branch of Citibank is seen in the Financial district in New York on February 8, 2021. - Pin-up ... [+] photos and smutty jokes have long been commonplace on trading floors, but the finance world is gradually opening up to women -- underlined by the arrival on March1, 2021, of Jane Fraser at the head of Wall Street banking flagship Citigroup. Her elevation marks "a milestone," according to Lorraine Hariton, director of Catalyst, an organization that promotes women in the workplace. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images) Citigroup said that as part of an ongoing strategic review under Fraser, the bank will exit consumer banking in 13 countries, mostly in Asia: Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. However, institutional clients in these countries will still be served by Citi. Fraser explained that Citi lacks the scale