SINGAPORE—Citigroup is winding down its consumer banking business in China in a move that will affect about 1,200 local employees, Reuters reported, citing a release from the bank.
The group had announced plans in April 2021 to exit its Chinese consumer banking business as part of a global strategy to withdraw from consumer franchises in 14 markets in Asia, Europe, the Middle East, Africa and Mexico, Reuters said.
Citi will explore options for around 1,200 employees who will be affected, including helping them continue to work at Citi in China or across the bank’s global network, it said in a statement.
The exit will also affect deposits, insurance, mortgages, investments, loans and cards at the consumer banking business.
"While we explored multiple strategic options for our China consumer business over the past several months, we believe that this path makes the most sense and we are focused on a seamless transition for our clients, partners and colleagues," said Titi Cole, Citi’s CEO of legacy franchises.
Just in Time for the New Year, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com