Citigroup Reports Higher Earnings, Plans To Trim Consumer Businesses In Asia
By Orla McCaffrey
Citigroup Inc. on Thursday reported sharply higher first-quarter
profit and said it is shutting down most of its consumer-banking
operations in Asia, Europe and the Middle East.
The bank posted a profit of $7.9 billion, or $3.62 per share,
well above the $2.60 per share forecast by analysts polled by
FactSet. A year earlier, Citigroup had reported a quarterly profit
of about $2.5 billion, or $1.05 a share.
Citigroup also said it would exit its consumer operations in 13
countries, mostly across Asia, to focus on wealth management and
Jane Fraser, who took over as chief executive officer last
month, said in a statement that those consumer banks were excellent
businesses, but "we don't have the scale we need to compete." She
said Citigroup would continue to invest in wealth management and in
the businesses that work with corporate clients in Asia.
Write to Orla McCaffrey at email@example.com
(END) Dow Jones Newswires
April 15, 2021 08:26 ET (12:26 GMT)
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