Oil Prices Surge Over 3% as Trump Rejects Iran Peace Response 
AWS Data Center Overheating Disrupts Cloud Services in Northern Virginia 
Broadcom Eyes $35 Billion AI Chip Financing Deal With Apollo and Blackstone 
Gold Prices Rise as Weaker Dollar and Iran Ceasefire Hopes Boost Safe-Haven Demand 
Norway Core Inflation Hits 3.2% in April, Fueling Interest Rate Hike Expectations 
Trump Rejects Iran Proposal as Strait of Hormuz Crisis Pushes Oil Prices Higher 
KOSPI Hits Record High as AI Chip Demand Boosts Samsung and SK Hynix 
Hantavirus Cruise Ship Outbreak Triggers Global Health Alert 
South Korea Central Bank Signals Inflation Concerns as Oil Prices Surge 
Asian Currencies Slide as Iran Tensions Boost Dollar and Oil Prices 
K+S Raises 2026 Earnings Outlook After Strong Q1 Results 
Orsted Q1 EBITDA Beats Expectations Despite U.S. Impairments 
Wall Street Hits Record High as AI Chip Stocks and Strong U.S. Jobs Data Boost Markets 
Coinbase Q1 2026 Earnings Miss Sends COIN Stock Lower Amid Crypto Market Slump 
Asian Stocks Rise Despite Middle East Tensions as Chipmakers Boost Markets 
Goldman Sachs Delays Fed Rate Cut Forecast to 2026 Amid Rising Inflation Concerns 
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case 
Citibank Korea stated on Thursday, April 15, that it would be pulling out its retail business in 13 markets across Asia, Europe, Africa, and the Middle East. This move also part of its parent company, Citigroup, plans for reorganization in Asia.
As per The Korea Herald, the markets that will be affected by this plan include Citibank Korea and units in Australia, China, Taiwan, Bahrain, India, Vietnam, Indonesia, Malaysia, Thailand, Philippines, Poland, and Russia.
Why Citibank is closing its retail biz in some units
It was reported that Citigroup Inc. made this decision to update operations and further improve the company’s global competitiveness by directing resources and investments on its consumer banking franchise. The news of the company’s exit from the retail business actually popped up as early as February.
In particular, Citibank Korea was mentioned as the unit that will pull out from the retail biz as it has been losing revenues in recent years. Now with a confirmed exit, CEO Yoo Myung Soon said, “Our priority is on supporting all our clients as we transition our franchise towards further opportunities to grow Citi’s institutional franchise in South Korea.”
Citigroup’s plans after the retreat in 13 markets
Yonhap News Agency reported that the New York-headquartered investment banking company will instead operate its consumer-banking franchise in wealthy regions including London, Singapore, United Arab Emirates, and Hong Kong.
This plan is said to be a strategy devised by Citigroup’s new CEO, Jane Fraser. After her installation as the company’s chief last month, a company review was initiated, and the plan to focus on the said four affluent business centers emerged.
“This positions us to capture the strong growth and attractive returns the wealth-management business offers through these important hubs,” she said in a statement. "While the other 13 markets have excellent businesses, we don't have the scale we need to compete.”
She went on to say, “We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia. We will operate our consumer banking franchise in Asia and EMEA (Europe, Middle East, and Africa) solely from four wealth centers -- Singapore, Hong Kong, UAE and London."
