Daily Management Review

Citi to curtail retail banking in China


Around 1,200 local employees will be impacted by Citigroup Inc.'s announcement that it is closing down its retail banking operations in China.

Daniel Foster
Daniel Foster
As part of a global strategy to sell consumer franchises in 14 nations throughout Asia, Europe, the Middle East, Africa, and Mexico, in April 2021the corporation revealed plans to depart its Chinese consumer banking business.

According to the statement, Citi will look at solutions for the 1,200 employees who will be impacted by the business' closure, such as assisting them in finding other jobs within the bank's worldwide network or in China.

The consumer banking sector, deposits, insurance, mortgages, investments, loans, and cards will also be impacted.

"While we have examined a number of strategic choices in recent months to expand our consumer business in China, we think the final course of action makes the greatest sense. We are committed to ensuring a seamless transition for our clients, partners, and employees," Titi Cole, general manager of legacy franchisees at Citi, said.

source: bloomberg.com