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Citi to wind down UK retail banking ops to focus on wealth management

September 26, 2022

The mooted closure of its UK retail division forms part of Citigroup CEO Jane Fraser’s plans to simplify the firm and boost its share price by exiting core businesses, including consumer franchises in 13 markets.

The news comes months after Citi said it would exit its Citibanamex consumer banking business in Mexico, ending a 20-year retail presence in the country.

If the UK plans are given the go-ahead, Citi says the “overwhelming majority” of customers not invited to move to its private baking services will not be affected until 2023.

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