Citigroup Inc.
C,
said Thursday it’ll wind down its retail operation in Russia in a move that it expects will affect 2,300 and 15 branches, according to a filing. “Citi will also continue to actively pursue sales of certain Russian consumer banking portfolios,” the bank said. The move includes Citi’s deposits, investments, loans and cards. The bank said it’ll incur about $170 million in costs for Russia, primarily over the next 18 months, largely driven by restructuring, vendor termination fees and other related charges.
Citi said the move fits its previously announced plans to exit consumer franchises in 14 markets in Asia, Europe, Middle East and Africa, and Mexico, as well as its continued efforts to reduce its operations and exposure in Russia, in the wake of the country’s invasion of Ukraine. Shares of Citi are down 15.5% in 2022 compared to a loss of 13.1% by the S&P 500
SPX,
