Citigroup Sees $170 Mln In Costs Over Next 18 Months On Russia Exit
(RTTNews) - Citigroup Inc. (C) announced Thursday that it has decided to wind down its consumer banking and local commercial banking operations in Russia.
In connection with the wind-down plan, Citi expects to incur approximately $170 million in costs, primarily over the next 18 months, largely driven by restructuring, vendor termination fees and other related charges.
As part of the wind-down, Citi will also continue to actively pursue sales of certain Russian consumer banking portfolios. Actions to facilitate the wind-down are expected to commence this quarter.
The wind-down is expected to affect approximately 2,300 employees and 15 branches. Consumer products and channels affected by the wind-down include deposits, investments, loans and cards.
This move is part of Citi's previously announced intent to exit its consumer franchises in 14 markets in Asia, Europe, Middle East and Africa, and Mexico, as well as its continued efforts to reduce its operations and exposure in Russia.
Citi To Cut Around 3,500 Tech Jobs In China Under Global Restructuring
Citigroup Fined $136 Mln Over Internal Control Issues
Citigroup Slips To Loss In Q4, But Adj. EPS Tops Estimates
Yen Rises Amid BoJ Rate Hike Bets
Asian Stocks Extend Gains
Yen Rises Against Majors
Europe Car Sales Increase In November
