Iran-Oman Near Strait of Hormuz Deal as Shipping Tensions Persist 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
Qantas Shares Climb as Long-Haul Pilot Deal Eases Strike Concerns 
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing 
Asian Stocks Cautious Ahead of US Jobs Data as Oil Rises 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
China Exports Beat July Forecasts as AI Demand Fuels High-Tech Trade 
Siemens Energy Q3 Profit Beats Forecast as AI-Driven Power Demand Fuels Growth 
US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Nvidia to Invest Up to $3 Billion in Blackstone-Backed Lancium 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
Cloudflare Stock Jumps 15% as Earnings Beat Estimates, 2026 Outlook Raised 
Heineken H1 Operating Profit Meets Forecast as Beer Volumes Beat Expectations 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Citibank Korea will be making its exit in the retail banking industry through liquidation. The decision came after it failed to find a buyer.
According to Pulse News, Citibank Korea revealed earlier this week that its company's board already approved its gradual exit scheme last week. It will be dissolving its retail banking business by closing banking first then the credit cards will follow, and finally its wealth management unit.
Citibank Korea is said to be the first-ever foreign bank to operate in South Korea and it was established in the country in 1984. Now its withdrawal will cost a lot and include compensation for its thousands of employees.
To have fewer issues with the pullout, the company will generously compensate employees for the loss of jobs and the union agreed with this. Moreover, as part of the agreement, the bank will be paying regular workers who have been employed for three years and up.
There will also be a special severance pay worth 100% of base salary for up to seven years until retirement. Citibank Korea has a total of 3,500 employees and 2,400 belong to the retail banking division. It was estimated that Citibank Korea's costly consumer banking departure may reach up to $1 billion.
At any rate, the decision to pull out was due to the company's failure to find a buyer. Since April, when the bank's headquarters in New York decided to close the retail banking unit in S. Korea, it has been actively seeking a buyer. However, only a few among those that expressed interest could afford the heavy labor cost and others and in the end, the attempt to sell was not successful.
"The decision was made after a comprehensive review of all offers," Korea Joongang Daily quoted Citibank Korea as saying in a statement after the board voted for its liquidation. "We will work closely with regulators and comply with the applicable laws, regulations, and procedures during the process to ensure minimal inconvenience for clients."
At this point, Citibank Korea will work to minimize the impact of the shutdown on its clients and employees. For the existing loan contracts, credit cards, and time deposits, the company will continue the service until the contract expires and promise an uninterrupted business. The bank will be releasing more details and guidelines with regard to its services soon.
