Citigroup said today it would exit consumer banking in 11 markets, as the most international of the big US banks looks to shrink its way to better profits.
Citigroup also reported a 13% rise in adjusted third-quarter net profit, helped by better results from its portfolio of troubled assets left over from the financial crisis.
Adjusted net profit for the quarter rose to $3.67 billion, or $1.15 per share, from $3.26 billion, or $1.02 per share, a year earlier.
The third-largest US bank said it would exit its consumer operations in six Latin American countries, as well as Japan, Egypt, the Czech Republic, Hungary and Guam.
Citigroup said it would continue to serve institutional clients in these markets.
Meanwhile, Wells Fargo & Co, the fourth largest US bank and biggest mortgage lender, reported a 1.7% rise in third-quarter profit as its mortgage business became less of a drag.
The San Francisco bank's net income applicable to common shareholders rose to $5.41 billion, or $1.02 per share, in the three months ended September 30 from $5.32 billion, or 99 cents per share, a year earlier.
Revenue rose 3.6% to $21.21 billion. New mortgages rose by $1 billion to $48 billion.
