Citigroup's Exit from India: Restructuring or Failure to Scale Up?
| Case Code: BSTR627 Case Length: 12 Pages Period: 1985- 2021 Pub Date: 2021 Teaching Note: Available |
Price: Rs.400 Organization: Citigroup Industry: Banking Countries: India Themes: Business Level Strategies, Banks and Banking, Financial Institutions, Strategic Planning |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
On April 19, 2021, Jane Fraser, CEO of leading US-based bank Citigroup Inc., stated, “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centers, Singapore, Hong Kong, UAE and London. This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs. While the other 13 markets have excellent businesses, we don’t have the scale we need to compete.” Citigroup (Citi) was cutting down its sprawling consumer operations as part of a broader strategic review under the new chief executive officer Jane Fraser (Jane) to focus on wealth management business as it lacked the scale to compete in the retail space. The countries Citi decided to exit were India and China, Australia, Bahrain, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
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