Citigroup Will Exit 11 Markets - The Financial Impact Of This Move
- Citigroup announced its plan to shut down operations in 11 countries. The regions where the shutdown is currently planned contribute about 5% to the firm’s total consumer banking revenues.
- Citigroup intends to operate in 24 markets and serve about 57 million clients, allowing the group to capture about 95% of the Global Consumer Market.
- The group delivered strong results in its third-quarter earnings release for 2014.
- The Mexican fraud scandals could possibly damage the credibility of the bank to a great extent, especially if such news continue to pour in.
- Share prices are between the 52-week range of $45.18-$55.28. The P/E ratio looks strong at this point, coming in at 16.37. Share prices are targeted to reach $59.21 in a year.