Citi Began Deepening Its Russia Retreat Before Ukraine Invasion
- Bank has cut $2 billion of exposure to country since January
- No one can call ‘when this ends and how this ends’: CFO Mason
Citigroup CEO Jane Fraser
Photographer: Rodrigo Capote/BloombergThis article is for subscribers only.
Citigroup Inc. began scaling back its operations in Russia weeks before President Vladimir Putin even invaded Ukraine.
Chief Executive Officer Jane Fraser and her team had spent months watching as tensions between the two countries rose. By January, the firm -- which has the largest presence in both Russia and Ukraine of any U.S. bank -- was ready to act.