<p>Citigroup announced Thursday it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.</p>.<p>Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates.</p>.<p>But Citigroup will depart China, India and 11 other retail markets, where "we don't have the scale we need to compete," said Citi Chief Executive Jane Fraser.</p>.<p>Fraser, who moved into the CEO role in March, described the pivot as part of an effort to "double down" on wealth management, where the growth opportunities are better.</p>.<p>Most of the markets being exited are in Asia, where Citigroup's global consumer banking business at the end of 2020 had $6.5 billion in revenues, 224 retail branches and $123.9 billion in deposits.</p>.<p>The move came as Citigroup reported first-quarter profits of $7.9 billion, more than three times the level in the year-ago period. Revenues fell seven per cent to $19.3 billion.</p>.<p>As with other large banks, Citigroup's profits were bolstered by a strong performance in its investment banking and trading businesses, as well as the release of reserves set aside for bad loans. These benefits were offset somewhat by a drag from low-interest rates.</p>.<p>The other 11 markets affected by the decision are: Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.</p>
<p>Citigroup announced Thursday it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.</p>.<p>Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates.</p>.<p>But Citigroup will depart China, India and 11 other retail markets, where "we don't have the scale we need to compete," said Citi Chief Executive Jane Fraser.</p>.<p>Fraser, who moved into the CEO role in March, described the pivot as part of an effort to "double down" on wealth management, where the growth opportunities are better.</p>.<p>Most of the markets being exited are in Asia, where Citigroup's global consumer banking business at the end of 2020 had $6.5 billion in revenues, 224 retail branches and $123.9 billion in deposits.</p>.<p>The move came as Citigroup reported first-quarter profits of $7.9 billion, more than three times the level in the year-ago period. Revenues fell seven per cent to $19.3 billion.</p>.<p>As with other large banks, Citigroup's profits were bolstered by a strong performance in its investment banking and trading businesses, as well as the release of reserves set aside for bad loans. These benefits were offset somewhat by a drag from low-interest rates.</p>.<p>The other 11 markets affected by the decision are: Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.</p>