Citi sells China wealth business as part of international consumer retreat

News Snapshot:

Citigroup (C) is winding down another piece of its consumer banking empire outside the US in the latest step by CEO Jane Fraser to simplify America's third-largest bank. The New York lender on late Sunday announced an agreement to sell its consumer wealth portfolio in China to HSBC. The sale includes deposits and investment assets under management of $3.6 billion and does not include the bank’s institutional operations in China. At the end of last year, Citi’s consumer bank in China employed 1,200 local workers, and HSBC plans to extend offers to some of those employees. Two months after Fraser...