Citi Said to Consider Divesting Some Foreign Consumer Units

Citigroup Inc. is studying options for slimming down the firm’s sprawling international consumer operations as part of incoming Chief Executive Officer Jane Fraser’s efforts to simplify the bank.

The company is weighing divesting certain units across retail banking in the Asia-Pacific region, including those in South Korea, Thailand, the Philippines and Australia, according to people familiar with the matter. No decisions have been made, any divestitures could be spaced out over time and the New York-based firm could ultimately decide to keep all its existing international operations, said the people, who asked not to be identified discussing internal deliberations.

“As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy,…