citi global consumer banking virtual internship program

Citi's Strategic Shift: Emphasizing Wealth and Institutional Businesses

Citigroup (Citi) has announced a significant shift in its global strategy, focusing on higher-returning institutional businesses and wealth management in Asia and Europe, Middle East, and Africa (EMEA). As part of this strategy refresh, the bank will wind down its consumer banking business in Korea and pursue exits from 13 markets across Asia and EMEA.

According to Mark Mason, Citi's Chief Financial Officer, the company is making progress on its strategy refocus, allowing it to increase capital returns to shareholders over time. The wind-down plan will result in the release of approximately $7 billion in allocated tangible common equity, with $2 billion related to the Korea exit.

Conversations with potential buyers are ongoing, with strong interest from a broad range of bidders. Despite the wind-down, Citi expects the exits from its consumer franchises to be accretive to capital and continue to release significant shareholder value.

Citi's decision to focus on wealth centers in Singapore, Hong Kong, the UAE, and London reflects the bank's recognition of distinct competitive advantages and meaningful growth potential in these markets. The company is exploring options for its remaining consumer markets, including franchise sales, with a focus on optimal results for its people, clients, and shareholders.

This strategic shift marks an important step in Citi's efforts to refocus its Global Consumer Bank presence in Asia and EMEA, allowing the bank to better allocate resources and drive long-term growth. As the company continues to execute its plan, it is poised to unlock significant value for its stakeholders and solidify its position as a leading financial institution in the region.

Citi global consumer banking virtual internship program