Citi pulls consumer banks from 11 markets, reports higher profit
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Robinhood Crypto gets Wells notice from US SEC
Central banks need digital currencies to stay relevant
China’s CICC demotes senior bankers, cuts pay to slash costs
Citi promotes Damien Tan to corporate banking head for Singapore
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane