Citi to Take Charges of Up to $1.5 Billion for South Korea Exit
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Citigroup Inc. said it plans to take charges of $1.2 billion to $1.5 billion as it winds down retail banking operations in South Korea, part of Chief Executive Officer Jane Fraser’s sweeping efforts to focus on more profitable businesses for the Wall Street giant.
The charges, for voluntary termination benefits and related costs, will weigh on Citigroup’s results for the rest of 2021 and throughout 2022, Citigroup said Monday in a regulatory filing. The New York-based company said earlier this year it would exit retail banking in South Korea and 12 other markets across Asia and the Europe, Middle East and Africa region, and the bank’s board approved the wind-down plan for South Korea last month.