Citigroup shares fall 1.93% intraday as it exits China UnionPay and refocuses on corporate clients.

Citigroup Inc. declined 1.93% in intraday trading, with the company's Chinese unit withdrawing from China UnionPay as it narrows its focus to corporate and institutional clients. Citigroup agreed to sell its onshore consumer wealth portfolio in China to HSBC, and BlackRock struck a deal with Citigroup to manage about $80 billion in assets for the bank's wealth management clients.