Citigroup to exit 11 markets, mostly in Latin America, as bank continues to reduce its size

IndustriesAssociated Press

Citigroup is announcing it will exit its retail banking business in 11 markets as part of its ongoing effort to restructure and slim down since the financial crisis.

Citi said Tuesday that the markets impacted would primarily be in Latin America, as well as Egypt, Japan and parts of Eastern Europe. The bank said sales of the businesses are underway in the majority of the markets affected. It expects the sales to be substantially complete by the end of 2015.

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By the time the sales are wrapped up, Citi will offer consumer banking in 24 markets.