Citigroup is merging its consumer banking unit in Europe, Middle East and Africa (EMEA) with Asia, the largest region for profit for the business outside North America, according to an internal memo seen by Reuters on Thursday.
Reuters reports that the move, which will see consumer banking revenues from five countries - Bahrain, Poland, Russia, the United Arab Emirates and the United Kingdom - getting consolidated with Asia, will not have any impact on headcounts in EMEA or in Asia, said a person with direct knowledge of the matter.
James Griffiths, a spokesman for Citigroup in Hong Kong, confirmed the contents of the memo.
"As part of ongoing efforts to become a leaner, simpler organization, Citi's EMEA consumer cluster will now be managed by its Asia consumer franchise," he said.
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