Citigroup says goodbye to Egypt, 10 countries

The global retreat is occurring in Citi's (C) consumer banking division and impacts the Czech Republic, Egypt and Japan. The moves are aimed at narrowing the bank's focus to the markets where it has a competitive advantage.

Citi did not announce plans to scale back its significant presence in Russia despite recent tensions between the U.S. and Moscow.

"I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders," Citi CEO Michael Corbat said in a statement.