Group 1 - China UnionPay has announced the termination of Citibank (China) Co., Ltd.'s membership, meaning Citibank China will no longer conduct payment business through the UnionPay network [1] - Citibank China has undergone a leadership change, with Steven Lo stepping down as chairman and Aveline San taking over [3] - Citibank has been restructuring its global strategy, planning to exit personal banking in 14 markets, including Asia, Europe, the Middle East, and Mexico, with a focus on corporate and institutional clients in China [3][4] Group 2 - As of the end of 2024, Citibank China's assets totaled 176.1 billion yuan, with an operating income of approximately 5.8 billion yuan and a net profit of about 1.8 billion yuan, reflecting year-on-year growth of 21% and 54% respectively [5] - The number of employees at Citibank China decreased to 229,000, down by 10,000 year-on-year, as the company plans to reserve $600 million for severance costs in 2025 [5]

Core Points - China UnionPay has terminated the membership of Citibank (China) Co., Ltd., meaning Citibank China will no longer conduct payment business through the UnionPay network [1] - Recent leadership changes at Citibank China include the resignation of Chairman Lu Weiming and the appointment of San Aveline Pau Len [3] - Citibank announced a global strategic adjustment in April 2021, planning to exit personal banking in 14 markets, including Asia, Europe, the Middle East, and Mexico [3] - Citibank China plans to stop personal credit card transactions from May 6, 2024, and will gradually cease related product services [3] - Citibank completed the sale of its personal retail wealth management business in mainland China to HSBC, transferring over 300 employees [3] - Citibank has emphasized its commitment to corporate and institutional client services in China, despite exiting personal banking [4] - As of the end of 2024, Citibank China's assets totaled 176.1 billion yuan, with operating income of approximately 5.8 billion yuan and net profit of about 1.8 billion yuan, reflecting year-on-year growth of 21% and 54% respectively [5] - The number of employees at Citibank was 229,000 at the end of Q4 2024, a decrease of 10,000 year-on-year, with plans to allocate $600 million for severance as part of ongoing layoffs and cost-cutting measures [5]