Citigroup will exit its Mexico consumer banking business, the latest move by CEO Jane Fraser to simplify the bank
The bank said Tuesday it would exit consumer, small-business and middle-market banking in Mexico, a business best known as Banamex. Citigroup said the change was part of its continuing “strategic refresh.”
over the past year and now will be left with a consumer business serving a handful of U.S. cities and a few international hubs. Her goal has been to simplify the bank, concentrating on wealthy consumers and credit cards. The bulk of Citigroup’s profit comes from serving global companies.
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