Citi to cease operations in Haiti after 50 years

Source: Reuters

“Citigroup, opens new tab will wind up its operations in Haiti due to weak demand from institutional clients and lower international banking activity, ending its presence of more than five decades in the country. The exit is part of a strategic review and will not have a significant economic impact on Citi, the bank said, opens new tab on Monday. Citi, one of the largest banks in the United States, has exited non-core markets since CEO Jane Fraser took the helm in 2021. To catch up to peers whose profitability has outpaced Citi’s, the bank overhauled its operations and sharpened focus on businesses that offer the best returns. The bank is also exiting its consumer unit in Mexico, which is set for an initial public offering in 2025.” (07/08/24)