Citigroup accelerates exit from Russian operations
Citigroup on Friday announced plans to shut down its institutional banking operations in Russia as Vladimir Putin’s assault on Ukraine stretches into its seventh month.
Citi had said in August that it would wind down its consumer and local commercial operations in the country. At the time, the bank said it was not closing its investment banking or transaction services businesses in Russia, but was not taking on new clients.
On Friday, chief executive Jane Fraser said the bank “will be ending nearly all of the institutional banking services we offer (in Russia) next quarter”.
This story originally appeared on: Financial Times - Author:Imani Moise
