Citigroup announces closure of China consumer business

Citigroup announced the winding-down of its consumer operations in China on Thursday, in a move that would see the jobs of 1,200 of its staff in the country affected.

The US banking giant announced plans to quit China in April last year, according to Reuters, as part of wider plans to exit the consumer business in 14 international markets across Asia, the Middle East, Europe and Mexico.

Reuters said Citigroup would “explore options” for the affected staff, including trying to find them work at its continuing operations in China or elsewhere in its global business.

“While we explored multiple strategic options for our China consumer business over the past several months, we believe that this path makes the most sense and we are focussed on a seamless transition for our clients, partners and colleagues,” said chief executive officer of legacy franchises, Titi Cole.

In its statement, the company said the closure would impact deposits, cards, insurance, investments, loans and mortgages for customers in China.

Citigroup added that it would look to sell its consumer portfolios in China.

Reporting by Josh White for Sharecast.com.