Citigroup to exit retail banking operations in India, 12 other countries

CEO Jane Fraser says Citi lacked the scale to properly compete in the 13 markets it is leaving

Citigroup Inc trounced analysts' first-quarter profit estimates on Thursday as its outlook for an economic recovery driven by vaccinations and government stimulus allowed it to release reserves set aside for loan losses from the pandemic.
 

Like JPMorgan Chase & Co, which reported earnings on Wednesday, Citi benefited from a boom in capital markets activity, but its consumer bank felt the impact of low interest rates that hurt earnings.
 

Revenue fell 7% on low interest rates and a 10% decline in loans, largely due to lower consumer credit card loan balances.

Partially offsetting the drag from interest revenue, investment banking revenue surged