U.S. Dollar Steadies Ahead of Fed Minutes as Markets Eye Policy Divisions 
South Korea Factory Output Misses Forecasts in November Amid Ongoing Economic Uncertainty 
Alphabet Stock Poised for Growth as Bank of America Sees Strong AI Momentum Into 2026 
Rio Tinto and BHP Agree to Explore Major Iron Ore Collaboration in Pilbara 
Singapore GDP Growth Surges in 2025 but Outlook Remains Cautious Amid Global Trade Risks 
Taiwan Issues Arrest Warrant for OnePlus CEO Over Alleged Illegal Recruitment Activities 
Viking Therapeutics Sees Growing Strategic Interest in $150 Billion Weight-Loss Drug Market 
Zhipu AI Launches GLM-Image Model Trained on Huawei Chips, Boosting China’s AI Self-Reliance Drive 
Gold Prices Rebound in Europe as Geopolitical Tensions and Fed Outlook Support Bullion 
U.S. Dollar Slides Toward Biggest Annual Loss Since 2017 as 2026 Risks Loom 
South Korea Factory Activity Returns to Growth in December on Export Rebound 
Trump Pushes Tech Giants to Absorb AI Data Center Power Costs, Citing Microsoft Changes 
BlueScope Steel Announces A$1 Special Dividend After Asset Sales 
HSBC Expands UAE Presence With New Asset Management Business and Onshore Funds 
Boeing Reaches Tentative Settlement With Canadian Victim’s Family in 737 MAX Crash Lawsuits 
BESI Reports Strong Q4-25 Orders Surge Driven by Data Center and Hybrid Bonding Demand 
Asian Markets End Year on AI Optimism as Precious Metals and Currencies Shine 
Citibank Korea will be making its exit in the retail banking industry through liquidation. The decision came after it failed to find a buyer.
According to Pulse News, Citibank Korea revealed earlier this week that its company's board already approved its gradual exit scheme last week. It will be dissolving its retail banking business by closing banking first then the credit cards will follow, and finally its wealth management unit.
Citibank Korea is said to be the first-ever foreign bank to operate in South Korea and it was established in the country in 1984. Now its withdrawal will cost a lot and include compensation for its thousands of employees.
To have fewer issues with the pullout, the company will generously compensate employees for the loss of jobs and the union agreed with this. Moreover, as part of the agreement, the bank will be paying regular workers who have been employed for three years and up.
There will also be a special severance pay worth 100% of base salary for up to seven years until retirement. Citibank Korea has a total of 3,500 employees and 2,400 belong to the retail banking division. It was estimated that Citibank Korea's costly consumer banking departure may reach up to $1 billion.
At any rate, the decision to pull out was due to the company's failure to find a buyer. Since April, when the bank's headquarters in New York decided to close the retail banking unit in S. Korea, it has been actively seeking a buyer. However, only a few among those that expressed interest could afford the heavy labor cost and others and in the end, the attempt to sell was not successful.
"The decision was made after a comprehensive review of all offers," Korea Joongang Daily quoted Citibank Korea as saying in a statement after the board voted for its liquidation. "We will work closely with regulators and comply with the applicable laws, regulations, and procedures during the process to ensure minimal inconvenience for clients."
At this point, Citibank Korea will work to minimize the impact of the shutdown on its clients and employees. For the existing loan contracts, credit cards, and time deposits, the company will continue the service until the contract expires and promise an uninterrupted business. The bank will be releasing more details and guidelines with regard to its services soon.
