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Citi puts a number to its South Korea wind-down charges

November 8, 2021

Citi will incur between $1.2 billion and $1.5 billion in charges to wind down its consumer banking operations in South Korea, the bank said Monday in an amendment to an earlier Securities and Exchange Commission (SEC) filing.

The bank said it would recognize the charges — mostly related to employee buyouts — throughout 2021 and 2022.

Citi said in April it would exit retail banking in 13 Eastern Hemisphere countries, opting instead to focus on four markets with high returns: London, Singapore, Hong Kong and the United Arab Emirates.

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