Citigroup (C) Tops Q3 EPS by 3c; Will Exit 11 Consumer Banking Markets

Citigroup (NYSE: C) reported Q3 EPS of $1.15, $0.03 better than the analyst estimate of $1.12. Revenue for the quarter came in at $19.98 billion versus the consensus estimate of $19.04 billion.

Strategic Actions: Global Consumer Banking

Citigroup today announced strategic actions to accelerate the transformation of Global Consumer Banking (GCB) by focusing on those markets where it has the greatest scale and growth potential. As a result, Citigroup intends to exit its consumer businesses in 11 markets. The new consumer banking footprint will serve nearly 57 million clients in 24 markets that capture over 95% of GCB’s existing revenue base, while further simplifying its operations and improving its performance.

The affected businesses include the consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea. Active sales processes are underway for the majority of the businesses, and subject to market conditions and regulatory and other approvals, the strategic actions are currently expected to be substantially completed by year-end 2015. The businesses will be reported as part of Citi Holdings as of the first quarter 2015 to provide greater transparency with respect to the performance of the ongoing operations reported in GCB. Citigroup’s Institutional Clients Group (ICG) will continue to serve clients in these markets.

For earnings history and earnings-related data on Citigroup (C) click here.

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