© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly
SINGAPORE (Reuters) – Citigroup Inc (NYSE:) will wind down its consumer banking business in China in a move that will affect about 1,200 local employees, the bank said in a statement on Thursday.
The group had announced a plan in April 2021 to exit its Chinese consumer banking business as part of a global strategy to withdraw from consumer franchises in 14 markets in Asia, Europe, the Middle East, Africa and Mexico.
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