JPM - Citigroup expands exit from Russia to all its businesses

Citigroup (C +1.2%) is expanding the scope of its exit from Russia beyond its consumer business to encompass all other lines of business and to continue reducing its remaining operations and exposure, the bank said in a blog post. In April 2021, the company had announced a plan for its consumer banking business to exit 13 markets, including Russia, to focus on four international wealth centers. The move comes as other big banks, including Deutsche Bank (NYSE:DB), JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS), pull out of Russia over the country's invasion of Ukraine. "Due to the nature of banking and financial services operations, this decision will take time to execute," said Edward Skyler Citi (NYSE:C) EVP of Global Public Affairs said in the post. "We have also decided to stop soliciting any new business or clients." The company will continue to manage its regulatory commitments and obligations to depositors,

For further details see:

Citigroup expands exit from Russia to all its businesses