the city said Statement It has decided to “expand the scope” of its exit process to “include other lines of business and continue to reduce our remaining operations and risk” in Russia.
“Due to the nature of banking and financial services operations, this decision will take time to execute,” Citi said, adding that it is “moving urgently” to complete an evaluation of its Russia operations.
Citi did not specifically elaborate on which operations would go unwanted, but the bank provides investment and corporate banking services to institutions and high-net-worth individuals in Russia. In April 2021, Citi disclosed its intention to exit its consumer business in Russia.
Citi’s latest announcement comes after Goldman Sachs and JP Morgan announced last week that he would leave Russia. Deutsche Bank Said on Friday that he would exit Russia, reversing his previous position.
Citi has about $10 billion in investments in Russia as of the end of last year, according to regulatory filing,
“We will continue to manage our current regulatory commitments and our obligations to depositors, as well as support all of our employees during this difficult time,” Citi said on Monday.