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Citi begins winding down operations in Russia
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Citigroup Inc. will begin shutting down consumer and local commercial banking operations in Russia. Citi had made public its plans to exit Russian consumer banking in April 2021 alongside an announcement that included 14 other markets in Asia, Europe, the Middle East, Africa and Mexico.
In March 2022, a month after Russia’s invasion of Ukraine, Citi expanded upon its plans to withdraw from Russia, adding local commercial banking to the services it was cutting.
It is just one of many banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co., and Deutsche Bank AG, that have left, or are working on shutting down their Russian operations. Accounting and consultancy firms have also headed for the exits, including McKinsey & Company, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, KPMG International Limited, and PricewaterhouseCoopers.