Citigroup Warns of Hefty Charges From South Korea Consumer Business Closing

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The logo for Citibank is seen connected  the trading level  astatine  the New York Stock Exchange (NYSE) successful  Manhattan, New York City, connected  Aug. 3, 2021. (Andrew Kelly/Reuters)

The logo for Citibank is seen connected the trading level astatine the New York Stock Exchange (NYSE) successful Manhattan, New York City, connected Aug. 3, 2021. (Andrew Kelly/Reuters)

Citigroup Inc connected Monday warned of important charges related to the closing of its user banking concern successful South Korea, months aft announcing its exit from 13 markets crossed Asia, Europe, Middle East and Africa.

The Wall Street lender’s program is portion of Chief Executive Officer Jane Fraser’s turnaround strategy to bring the bank’s profitability and stock terms successful enactment with its peers.

The charges volition mostly comprise payouts to employees related to voluntary termination benefits, discussions for which person already started with worker unions, Citigroup said, adding the charges volition beryllium dispersed crossed till the extremity of 2023.

The slope said it was, however, incapable to estimation the complaint it volition take.

Besides South Korea, the slope volition besides divest its retail banking arms successful Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it said successful April.

By Niket Nishant

Reuters

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