This was a 7% decrease as compared to last year, where the company saw a revenue of US$20.7 billion. This decision comes as Citigroup recorded US$19.3 billion revenue in the first quarter of 2021. This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs," Fraser added. “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth.
With that, the company believes its capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.
Citigroup’s institutional clients group will continue to serve clients in these markets, which the company said "remain important to Citi’s global network".Īddressing the business structure, Jane Fraser, Citi's CEO, said while the 13 markets it is exiting from have excellent businesses, Citigroup does not have the scale it needs to compete. According to the banking company, this restructure is part of an "ongoing strategic review" and will allow the Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential. The affected markets are: Malaysia, Indonesia, Thailand, Vietnam, Australia, Bahrain, China, India, Korea, the Philippines, Poland, Russia, and Taiwan. Citigroup is exiting from 13 markets for its consumer banking operations for its Asia and EMEA regions, and will be focusing on its presence in four markets: Singapore, Hong Kong, the UAE and London.
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