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Citigroup Inc May Exit Consumer Banking In More Countries-Reuters

Thursday, 31 Jan 2013 12:01am EST 

Reuters reported that Citigroup Inc is looking to pull out of consumer banking in more countries in an effort to lower costs and boost profits, according to two people familiar with the matter. In December, Citigroup said it was withdrawing from consumer banking in five countries - Pakistan, Paraguay, Romania, Turkey and Uruguay - as part of an expense reduction plan that will save $1.1 billion a year and eliminate 11,000 jobs. The cuts were one of Michael Corbat's first steps as chief executive, a position he took in October. 

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