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Bloomberg
Citigroup Inc. appointed Grant Carson to manage its operations in Russia as a stand-alone entity as the US bank reduces its business in the country following President Vladimir Putin’s invasion of Ukraine.
Russia will continue to be part of Citigroup’s EMEA emerging markets cluster under its regional Chief Executive Officer Ebru Pakcan, according to an internal memo seen by Bloomberg, the contents of which were confirmed by a spokeswoman for bank.
Carson will continue with his responsibilities as EMEA head of hub-managed countries.
Citigroup is in the process of winding down its consumer and commercial banking operations in Russia after a sale of the business stalled. The bank will incur $170 million in costs tied to the wind-down, mostly tied to restructuring expenses and vendor termination fees.
The changes to the Russia structure is part of a wider overhaul of Citigroup’s clusters in the Middle East, Pakistan, North Africa, Levant and Central Asia. The bank will implement these changes in the fourth quarter.