Investment Management services (including portfolio management) are available through CGMI, CGA, Citibank, N.A. Outside the U.S., investment products and services are provided by other Citigroup affiliates. are affiliated companies under the common control of Citigroup. CGMI accounts are carried by Pershing LLC, member FINRA, NYSE, SIPC. "CGMI"), member FINRA and SIPC, and Citi Private Advisory, LLC ("CPA"), member of FINRA and SIPC and Citi Global Alternatives, LLC (“CGA”). In the U.S., investment products and services are provided by Citigroup Global Markets Inc. Not all products and services are provided by all affiliates or are available at all locations.
("Citigroup"), which provides its clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. MAY LOSE VALUE.Ĭiti Private Bank is a business of Citigroup Inc. The other 11 markets affected by the decision are: Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.INVESTMENT PRODUCTS: NOT FDIC INSURED. These benefits were offset somewhat by a drag from low interest rates. Revenues fell 7 per cent to US$19.3 billion.Īs 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.
The move came as Citigroup reported first-quarter profits of US$7.9 billion, more than three times the level in the year-ago period. Most of the markets being exited are in Asia, where Citigroup's global consumer banking business at the end of 2020 had US$6.5 billion in revenues, 224 retail branches and US$123.9 billion in deposits. NEW YORK: Citigroup announced on Thursday (Apr 15) 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.Ĭitigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates.īut 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.įraser, 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.
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