- Citigroup ( NYSE: C ) expects to incur $190M of costs for winding down its institutional and consumer banking businesses in Russia, the company disclosed in its 10-K filing .
- The bank expects to incur $110M, excluding the impact of any portfolio sales, to wind down its consumer banking and local commercial banking operations in Russia, primarily through 2024.
- In addition, its Institutional Clients Group expects to incur ~$80M (also excluding the impact of any portfolio sales) to end nearly all its institutional banking services in Russia.
- In August 2022, Citigroup ( C ) estimate it would cost ~$170M to wind down its consumer and local commercial banking operations over 18 months to exit Russia .
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Citigroup expects $190M of costs to wind down operations in Russia