The bank will shut down its businesses in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, and consumer finance business in Korea.
After the closure, the group’s Global Consumer Banking (GCB) division will serve around 57 million clients in 24 markets.
Citigroup CEO Michael Corbat said: "I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders.
"While we have made progress optimizing these 11 consumer markets, we believe our Global Consumer Bank will achieve stronger performance by focusing on the countries where our scale and network provide a competitive advantage."
This is the second time that Citi has announced to exit consumer business from markets with low returns since Corbat took over as CEO two years ago.
Previously, it announced to cut 11,000 jobs and exit consumer banking business in Spain, Greece and Turkey, reported Bloomberg.
GCB CEO and Citigroup co-president Manuel Medina-Mora said: "Today’s actions are the next step in the execution of our strategy to build an urban-based, globally integrated consumer bank.
"Since 2009, the Global Consumer Bank has become more streamlined, efficient and profitable. Focusing our presence in 100 cities across both the U.S. and top emerging markets where we have the greatest scale and growth potential, positions us to win."
Image: A Citibank branch at Michigan Avenue in Chicago, US. Photo: courtesy of TonyTheTiger.
