Citi offloads China consumer wealth business to HSBC in international retreat

Citigroup has announced the sale of its consumer wealth portfolio in China to HSBC as part of its ongoing retreat from international consumer banking. The deal includes deposits and investment assets under management worth $3.6 billion and does not include Citigroup's institutional operations in China. This move is part of CEO Jane Fraser's strategy to simplify the bank and improve profitability. Citigroup has already closed eight consumer franchises in various regions and plans to close its consumer operations in Indonesia by the end of 2023. The bank's stock price has declined over 11% since the beginning of the year.