Citigroup is winding down its retail banking business in China

One of the largest financial corporations, Citigroup, is winding down its retail banking business in China.

This was reported on Thursday by Reuters with reference to the company's statement.
Such a decision will affect, according to the report, almost 1,200 employees, but the corporation is ready to consider the possibility of their employment in other own structures in China or the international network of Citibank. "Over the past few months, we have studied a number of strategic options for customer service in China and we believe that such a decision is most appropriate," the agency quotes the head of the Citigroup division, Titi Cole.
In August 2022, Citigroup announced the phasing out of its retail business in Russia and its business working with Russian small and medium-sized enterprises. At the same time, it was reported that Citigroup's costs in connection with the process would amount to approximately $170 million over about a year and a half. The process of winding down the business began in the third quarter of 2022, writes TASS.