Citigroup said on Tuesday it would exit consumer banking in 11 more markets, as the most international of the big U.S. banks looks to shrink its way to better profits.
"Part of the Citi story over the next two to three years, obviously, is a refocus on profitability rather than growth, so we're looking for, you know, very low, if any, balance sheet growth over the next year and then we'll look at single-digit balance sheet growth going forward," Anthony Polini, a bank analyst at Raymond James, said on "Squawk Box." "This is a story about operating leverage, not growth."
Citigroup also reported a 13 percent rise in adjusted third-quarter net profit, helped by better results from its portfolio of troubled assets left over from the financial crisis.
Adjusted net profit for the quarter rose to $3.67 billion, or $1.15 per share, from $3.26 billion, or $1.02 per share, a year earlier.