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Citigroup warns of hefty charges from South Korea consumer business closing -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Citibank’s logo can be seen on the New York Stock Exchange (NYSE), in Manhattan, New York City. It was last seen there, Wednesday, August 3, 2021. REUTERS/Andrew Kelly/File photo

(Reuters) -Citigroup Inc. warned Monday that it will be facing significant penalties for closing its South Korea consumer banking branch. The warning comes just months after the company announced its departure from 13 Asian, Middle East, and African markets.

Jane Fraser, Chief Executive Officer of the Bank of Wall Street has developed a plan to help bring its profitability and share prices in line with those of other banks.

These charges include payments to employees for voluntary termination benefits. Discussions have begun with unions. Citigroup (NYSE:) added that the charges would be distributed until the end 2023.

According to the bank, it is not able to predict how long it will take.

It also announced that it will divest South Korea’s retail banking units in Australia, Bahrain China, India and Indonesia as well as Malaysia, Pakistan, Russia, Taiwanese, Thailand, Vietnam, and Russia.

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