Citigroup expects 'significant' charges from shuttering Korea consumer banking unit

Citigroup C, +1.22% said Monday it'll incur "significant" charges for winding down its Citibank Korea Inc. unit, and that it'll likely provide more details in the next four business days. The bank said the move is part of its previously announced plans to exit its consumer franchises in 13 markets across Asia, Europe, the Middle East and Africa. The charges will be incurred through the end of 2023 and will include cash expenditures related to voluntary termination benefits and related charges. Citibank Korea Inc. has begun negotiation of the voluntary termination benefits and related charges with employee unions. Shares of Citi rose 0.3% in pre-market trades. The stock is up 15.8% so far this year, compared to a jump of 21% by the S&P 500.