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Citigroup to wind down UK retail bank under renewed strategic vision
Citigroup has said it intends to wind down its retail bank in the UK, as its chief executive pursues a more streamlined strategy.
The bank has said it would like to bolster its offer to services for affluent clients, and has asked some retail clients to turn to its private bank.
As this division in the UK represents just one branch, the move will have no substantial financial impact on the organisation, Citi said on Wednesday.
Chief executive officer Jane Fraser has declared she will simplify the bank through exiting non-core businesses.