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As of February 2022, Citigroup was the fourth-largest bank in the United States, with assets of $1.7 trillion. Under Jane Fraser, who became the first woman to run a major U.S. bank when she became CEO in March 2021, Citigroup has been reorganizing and refocusing. Revenue dropped 10% in 2021 as the bank began implementing a plan to exit banking and other services in 13 international markets. One of those markets is Russia—but Citi was still doing business there when Russia invaded Ukraine. In April 2022, Citigroup said it could face losses of as much as $3 billion related to its Russia exposure. At the time, Fraser also said the bank had 200 employees continuing to work in Ukraine, assisting clients with payroll, supply chains, and obtaining food.
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