Citigroup's retreat highlights global banks' struggle in China, India

Increased rivalry from domestic lenders, especially in consumer financing, and competition for top talent contribute to challenges.

Citigroup Inc.’s plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asia’s largest economies despite plowing in billions of dollars over the past decade.

Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.

Citigroup Chief Executive Officer Jane Fraser said Thursday that the bank had decided it didn’t have the scale it needed to compete in China, India and 11