Citigroup on Thursday put its consumer operations in 13 markets across Asia and eastern Europe up for sale, appeasing investors who have pressed the bank to boost profitability by cutting costs in its underperforming retail network.
The move came a little more than a month after Jane Fraser, who formerly led the bank’s retail division, became Citi’s chief executive and followed a series of meetings between her and the bank’s largest investors.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Fraser said, adding: “I’m very clear around our priorities, which is closing the return gap with our peers.”
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