Citigroup warns of hefty charges from South Korea consumer business closing

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The brand for Citibank is seen on the buying and selling ground on the New York Inventory Change (NYSE) in Manhattan, New York Metropolis, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photograph

Oct 25 (Reuters) – Citigroup Inc on Monday warned of great costs associated to the closing of its shopper banking enterprise in South Korea, months after saying its exit from 13 markets throughout Asia, Europe, Center East and Africa.

The Wall Avenue lender’s plan is a part of Chief Government Officer Jane Fraser’s turnaround technique to convey the financial institution’s profitability and share worth in step with its friends.

The fees will largely comprise payouts to staff associated to voluntary termination advantages, discussions for which have already began with worker unions, Citigroup stated, including the fees will probably be unfold throughout until the top of 2023.

The financial institution stated it was, nevertheless, unable to estimate the cost it’ll take.

Moreover South Korea, the financial institution may also divest its retail banking arms in Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it stated in April.

Reporting by Niket Nishant in Bengaluru; Enhancing by Shinjini Ganguli


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