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Citi pulls consumer banks from 11 markets, reports higher profit

Tuesday, October 14, 2014 - 20:29

[London] Citigroup Inc said on Tuesday it would exit consumer banking in 11 markets, as the most international of the big US banks looks to shrink its way to better profits.

Citigroup also reported a 13 per cent rise in adjusted third-quarter net profit, helped by better results from its portfolio of troubled assets left over from the financial crisis.

Adjusted net profit for the quarter rose to US$3.67 billion, or US$1.15 per share, from US$3.26 billion, or US$1.02 per share, a year earlier.

The third-largest US bank said it would exit its consumer operations in six Latin American countries, as well as Japan, Egypt, the Czech Republic, Hungary and Guam. Citigroup said it would continue to serve institutional clients in these markets. REUTERS

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