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The Wall Street lender’s plan is part of Chief Executive Officer Jane Fraser’s turnaround strategy to bring the bank’s profitability and share price in line with its peers.
The charges will largely comprise payouts to employees related to voluntary termination benefits, discussions for which have already started with employee unions, Citigroup (NYSE:C) said, adding the charges will be spread across till the end of 2023.
The bank said it was, however, unable to estimate the charge it will take.
Besides South Korea, the bank will also divest its retail banking arms in Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it said in April.
