Bloomberg: Citi Began Deepening Its Russia Retreat Before Ukraine Invasion

Bloomberg, April 14, 2022, Citi Began Deepening Its Russia Retreat Before Ukraine Invasion

On Thursday, Citigroup revealed the result of their quiet work: The firm had trimmed exposure to Russia by $2 billion in the first three months of the year, including offloading $300 million worth of derivatives linked to the country. Unlike many of its rivals, Citigroup didn’t report any material losses from efforts to curb exposure.

The firm — which has vowed it will ultimately exit both consumer and commercial banking in the country — now has $7.8 billion worth of loans, assets and other exposure tied to Russia, local companies and their counterparties, as well as Russia’s central bank. That still gives it the largest exposure to the country of any major U.S. bank, though executives said Thursday they would continue to whittle away at the figure.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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