Citigroup unsure about future of Ukraine operations as cyber attacks loom
Citigroup’s chief executive Jane Fraser is unsure about the future of the group’s Ukraine operations following the Kremlin’s invasion.
The bank, which has helped some of its Ukrainian staff evacuate from the country, said today some employees have remained to help clients in the country but it’s not clear how long they will be able to go on.
“This morning they opened our bank and continued helping our clients there with payroll, with food supply, with supply chains, and some of the humanitarian aid,” she said during an interview with CNBC.
“I don’t think any of us know how long we will be able to keep going.”
According to Fraser, cyber attacks have become the biggest threat to the bank’s security.
“We are certainly on high alert and putting a lot of resources around making sure that we are protecting our institutions,” said the chief executive.
The bank announced it was also reducing its $10bn exposure to losses in Russia, a far higher amount that initially reported.
Before the Ukraine conflict broke out, Citigroup’s Russian exposure was in the top 25 country exposures, with $5.4bn of loans, securities and funding commitments at the end of December.