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Citigroup Reports Higher Earnings, Plans to Trim Consumer Businesses in Asia – The Wall Street Journal

Bank says it would exit consumer operations in parts of Asia to focus on wealth management and other businesses

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Citigroup Inc. on Thursday reported sharply higher first-quarter profit and said it is shutting down most of its consumer-banking operations in Asia, Europe and the Middle East.
The bank posted a profit of $7.9 billion, or $3.62 per share, well above the $2.60 per share forecast by analysts polled by FactSet. A year earlier, Citigroup had reported a quarterly profit of about $2.5 billion, or $1.05 a share.
Citigroup also said it would exit its consumer operations in 13 countries, mostly across Asia,…

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