Citi to focus on wealth management as it plans UK retail banking exit

Mark Battersby
clock • 2 min read

US-headquartered investment bank Citi is to wind down its retail banking operations in the UK and instead focus its personal banking and wealth management business on a tightly focused group of wealth clients. According to a Nasdaq report, the planned closure of its UK retail division forms part of Citigroup CEO Jane Fraser's plans to simplify the firm and boost its share price by exiting core businesses, including consumer franchises in 13 markets. The news comes months after Citi said it would exit its Citibanamex consumer banking business in Mexico, ending a 20-year retail presence...

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