Citi to wind down consumer banking in china, affecting about 1,200 staff

SINGAPORE (Reuters) – Citigroup Inc will wind down its consumer banking business in China in a move that will affect about 1,200 local employees, the bank said in a statement on Thursday.

The group had announced a plan in April 2021 to exit its Chinese consumer banking business as part of a global strategy to withdraw from consumer franchises in 14 markets in Asia, Europe, the Middle East, Africa and Mexico.

(Reporting by Xie Yu; Editing by Anshuman Daga and David Goodman)