Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
Moderna Wins FDA Approval for mFLUSIVA mRNA Flu Vaccine for Adults 50+ 
Siemens Energy Q3 Profit Beats Forecast as AI-Driven Power Demand Fuels Growth 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
Iran-Oman Near Strait of Hormuz Deal as Shipping Tensions Persist 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
Novo Nordisk Raises 2025 Outlook Despite Wegovy Pill Miss and CagriSema Setback 
Airbnb Stock Jumps After Q2 Earnings Beat, Strong 2026 Outlook 
Meta Ordered to Pay $567M Over Child Safety Violations in New Mexico 
Alibaba Plans Revenue-Sharing Model for Qwen3.8-Max AI Commercial Users 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Alphabet Stock Slides as Google AI Pioneer Jeff Dean Exits to Launch Discovery Loop 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
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."
