{"id":487690,"date":"2022-08-25T17:17:00","date_gmt":"2022-08-25T14:17:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/citigroup-to-book-170-mln-charge-for-russia-consumer-bank-exit\/"},"modified":"2022-08-25T17:17:00","modified_gmt":"2022-08-25T14:17:00","slug":"citigroup-to-book-170-mln-charge-for-russia-consumer-bank-exit","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/citigroup-to-book-170-mln-charge-for-russia-consumer-bank-exit\/","title":{"rendered":"#: Citigroup to book $170 mln charge for Russia consumer bank exit"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40d3b8692bb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40d3b8692bb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/citigroup-to-book-170-mln-charge-for-russia-consumer-bank-exit\/#%E2%80%9C_Citigroup_to_book_170_mln_charge_for_Russia_consumer_bank_exit%E2%80%9D\" >&#8220;: Citigroup to book $170 mln charge for Russia consumer bank exit&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/citigroup-to-book-170-mln-charge-for-russia-consumer-bank-exit\/#Citigroup_follows_through_on_plans_to_scale_back_its_consumer_presence_in_Russia_after_the_countrys_invasion_of_Ukraine\" >Citigroup follows through on plans to scale back its consumer presence in Russia after the country\u2019s invasion of Ukraine<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/citigroup-to-book-170-mln-charge-for-russia-consumer-bank-exit\/#Steve_Gelsi\" >Steve Gelsi<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Citigroup_to_book_170_mln_charge_for_Russia_consumer_bank_exit%E2%80%9D\"><\/span>&#8220;: Citigroup to book $170 mln charge for Russia consumer bank exit&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Citigroup_follows_through_on_plans_to_scale_back_its_consumer_presence_in_Russia_after_the_countrys_invasion_of_Ukraine\"><\/span>\n  Citigroup follows through on plans to scale back its consumer presence in Russia after the country\u2019s invasion of Ukraine<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001138161\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001138161\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Citigroup Inc.\u00a0said Thursday that its previously announced plans to scale back its consumer banking operation in Russia will cost about $170 million, mostly over the next 18 months.<\/p>\n<p> Citigroup<br \/>\n        C,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207741460\/composite\" class=\"positive\">+1.88%<\/bg-quote><br \/>\n       is also actively pursuing sales of Russian consumer banking portfolios as it scales down its deposits, investments, loans and cards in the country.<\/p>\n<div class=\"paywall\">\n       The megabank said the Russia wind-down is expected to affect about 2,300 employees and 15 branches.  <\/p>\n<p>The  $170 million in costs will cover restructuring, vendor termination fees and other related charges. <\/p>\n<p>Citi\u2019s move to exit Russia comes as banks scale back their Russia business in the wake of the country\u2019s invasion of Ukraine.<\/p>\n<p><strong>See: <\/strong>Goldman, JPMorgan wind down Russia biz as war reshapes macroeconomic landscape for banks<\/p>\n<p>Citi initially announced its plan to exit Russia consumer banking in April, 2021 as part of its plans to shutter consumer franchises in 14 markets in Asia, Europe, Middle East and Africa, and Mexico. <\/p>\n<p>In March this year, Citi expanded the scope of its planned exit in Russia to include local commercial banking.<\/p>\n<p>Citi reiterated its plan to support multinational institutional clients, particularly those which are undergoing the complex task of winding down their operations in Russia.<\/p>\n<p>Citi\u2019s CEO of  Europe, Middle East and Africa David Livingstone said Citi\u2019s Russia scale-back comes along with moves to limit its service offering, reduce its  exposures and not solicit any new business or clients.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Citi disclosed $8.4 billion in Russia exposure as of June 30, down from $9.8 billion at the end of  2021 year-end. About $1 billion of that exposure is related to Citigroup\u2019s  consumer and local commercial banking businesses in Russia. <\/p>\n<p>Shares of Citigroup rose 1.5% on Thursday. The stock is down 14.3% in 2022, compared to a 12.4% drop by the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.49%<\/bg-quote><span>.<\/span><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Steve Gelsi\",\"subhead\":\"The Wall Street Journal\",\"list\":[,{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/SteveGelsi\",\"text\":\"@SteveGelsi\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Steve_Gelsi\"><\/span>Steve Gelsi<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-7115-DF1F1C067CE8%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: Citigroup to book $170 mln charge for Russia consumer bank exit&#8221; Citigroup follows through on plans to scale back its consumer presence in Russia after the country\u2019s invasion of Ukraine Citigroup Inc.\u00a0said Thursday that its previously announced plans to scale back its consumer banking operation in Russia will cost about $170 million, mostly over&#8230;<\/p>\n","protected":false},"author":1,"featured_media":487691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-610522\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-487690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/487690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=487690"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/487690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/487691"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=487690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=487690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=487690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}