Citi’s Sale of Russian Consumer Unit Stalls as War Escalates
- It has largest presence of any U.S. bank, with 3,000 workers
- Citi has vowed to help its corporate clients in Russia
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Citigroup Inc., in the midst of overhauling its businesses in Russia when the country went to war, has seen efforts to sell a consumer-banking unit there stall and is helping some employees transfer abroad.
The moves show how Vladimir Putin’s invasion of Ukraine has quickly made the future less certain for many of Citigroup’s roughly 3,000 workers in Russia -- by far the largest presence of any major U.S. bank in the country.