Citi Shutting Consumer Bank in China, Affecting 1,200 Staff

(Bloomberg) — Citigroup Inc. said it will wind down its consumer banking business in China, a move that is expected to affect about 1,200 employees in the country.

The exit will include products such as deposits, insurance, mortgages, investments, loans and cards, the lender said in a statement Thursday. The bank will also explore options for those employees who wish to continue to work at Citi in China or across the bank’s global network, it added.