Citigroup to close its Russian consumer business

Wall Street giant Citigroup will close its consumer and commercial banking businesses in Russia starting this quarter.

The US bank with the largest presence in Russia announced plans in April 2021 to leave the retail business as part of a broader departure from some overseas markets. The closure will affect about 2,300 of Citi's 3,000 employees in Russia across 15 branches, the bank said. "This seems to be a good move," said Siddharth Singhai, chief investment officer of IronHold Capital in New York.

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