Citigroup Inc. (NYSE: C) is planning to sell some of its foreign consumer units. Sources disclosed that the decision is in accordance with the CEO Jane Fraser’s struggles to streamline the processes of the bank.
The firm is exploring many options to sell various units across retail banking in Thailand, South Korea, Australia, and the Philippines. But the firm has not yet made the final decision and looking for other options as well.
Citigroup disclosed that it will take time to review all the options and will make the best decision to simplify the business of the firm. In the fourth Quarter of 2020, the revenue from the consumer banking business in Asia dropped to $1.55 billion, representing a decline of 15%.
There are chances that the firm will keep all of its units or pursue the divestiture strategy. It is also considering the consumer business in Mexico, but nothing is final yet until the final decision of the firm will be surfaced.
In the previous month, Citigroup disclosed that its profit has surpassed the anticipations but revealed a pessimistic projection for the expenditures of the firm. Finance head Mark Mason stated the expenses of the lender could soar in 2021 in the range of 2% to 3%, assessing its operating margins.
The firm has earlier reported that it has been chosen as the depositary bank for its American Depositary Receipt (ADR) program by PJSC Tatneft.