Citi is shutting consumer bank in China, affecting 1,200 employees

Bloomberg

Citigroup Inc said it will wind down its consumer banking business in China, a move which is expected to affect about 1,200 employees in the country.
The exit will include products such as deposits, insurance, mortgages, investments, loans and cards, the lender said in a statement. The bank will also explore options for those employees who wish to continue to work at Citi in China or across the bank’s global network, it added.
The US bank announced a plan to exit the business in April 2021 as part of a global strategy to exit consumer franchises in 14 markets in Asia, Europe, Africa and Mexico.
The lender said the cost of the exit isn’t expected to be material and it remains
committed to its wealth management and institutional business in China.
“While we explored multiple strategic options for our China consumer business over the past several months, we believe that this path makes the most sense and we are focused on
a seamless transition for our clients, partners and colleagues,” said Titi Cole, Citi’s chief executive officer of Legacy Franchises.
As part of the wind down process, Citi said it will continue to actively pursue sales of portfolios within its Chinese consumer banking business.

Citigroup’s staff can work from
anywhere for last 2 weeks of year

Bloomberg

Citigroup Inc told most employees they can work from anywhere for the final two weeks of the year, as CEO Jane Fraser bucks a trend among rivals to get office workers back to their desks full time.
The move applies to those in hybrid roles, or those who already work remotely a couple of days a week, and workers were told they must stay in their country of employment to take advantage of the perk, according to people familiar with the matter.