Investment Banking

Turning a vault into a bomb shelter: How Citigroup has kept its bank running inside Ukraine

Two years into the war, Citigroup is the only US bank around, navigating a sometimes treacherous landscape

Tuesday 23 April 2024 at 12:33

A piece of shrapnel from a Russian missile hangs on the wall of Citigroup banker Alexander McWhorter’s office in Kyiv. He got it from a client whose factory was struck early in the war, a token of their long relationship and their plans to rebuild.

Two years into the Ukrainian war, Citigroup is the only US bank around, navigating a sometimes treacherous landscape. McWhorter, the bank’s top executive in the country, juggles keeping Citi’s staff alive with the role of helping giant companies such as McDonald’s and Unilever stay open.