Citigroup to wind down Russian consumer operations

By Thomson Reuters Aug 25, 2022 | 6:53 AM

(Reuters) -Wall Street giant Citigroup said on Thursday it will wind down its consumer banking and local commercial banking operations in Russia and expects to incur about $170 million in charges over the next 18 months.

Wall Street’s biggest financial firms have shut or announced plans to close operations in Russia following the invasion of Ukraine, in line with sanctions imposed by Western countries.

Citigroup has disclosed its Russia exposure was $8.4 billion, as of June 30.

The U.S. lender which became one of the biggest global financial giants under former top boss Sandy Weill, has in recent years been cutting down its international footprint by exiting non-core markets.

Chief Executive Jane Fraser, who took the helm last year, has moved to simplify the Wall Street giant and bring its profitability more in line with its peers.

Citi has in recent times announced agreements to sell its consumer businesses in Bahrain and India.

(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)