Citi exits UnionPay as China retail banking wind-down nears end
Citigroup has quit China's UnionPay network, marking another step in its retail exit after shutting consumer banking and selling its wealth portfolio to HSBC. The bank, which decided to leave China in 2021, said corporate clients remain unaffected. Citi recently announced 3,500 job cuts in its China tech centers, even as CEO Jane Fraser's restructuring drives a 37% stock surge.