Citigroup announced Thursday it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small. Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. But Citigroup will depart China, India and 11 other retail markets, where "we don't have the scale we need to compete," said Citi Chief Executive Jane Fraser.
