Citigroup will wind down its local banking operations with Russia, the bank said Thursday morning, as the U.S. bank with the closest remaining ties to Russia seeks to further sever ties with the country.
The people are outside of a bank.
The bank plans to end its Russian consumer and commercial banking businesses gradually.
The $170 million loss is due to Citi opting for a wind-down and the sale of its Russian operations to local buyers.
Titi Cole said in a statement that taking the wind-down route instead of a sale is due to many complicating factors.
About 2,300 employees will be affected by the move.
It was reported by the Wall Street Journal.
$9.4 billion. It is the most exposure any Wall Street firm has to Russia. That is down from Citi's exposure at the end of the year.
In March, Citi said it was assessing how to reduce its Russian presence. McDonald's, Starbucks and Nike are some of the multinational companies that have left Russia.
A number of American banks have resumed trading Russian debt after putting it on hold due to uncertainty about the legality of transactions under U.S. sanctions.
Here's how much exposure Wall Street banks have in Russia.
The banks are moving back into Russian bond trading.
Here are the companies that are cutting ties with Russia over the Ukrainian invasion.
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