Citigroup to Exit 13 Global Consumer Banking Markets, Including China and India

Citigroup announced Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from retail banking where it lacks scale.

Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. Citigroup will depart China, India and 11 other markets, where “we don’t have the scale we need to compete,” said Citi Chief Executive Jane Fraser.