Citigroup’s Corbat May Exit Some Countries Amid Cost Cuts
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Citigroup Inc., the third-biggest U.S. bank, could exit or pull back from businesses in 21 countries that are among its least-efficient markets as Chief Executive Officer Michael Corbat seeks to cut costs.
The countries produce less than 10 percent of New York-based Citigroup’s revenue and have a “very low” return on assets of 0.4 percent, Corbat, 52, said today in a presentation.