It would however continue to invest in its franchises in these countries.
After this repositioning, Citi will have more than 4,000 retail branches around the world and all of the five countries above would continue to be served by its institutional businesses.
Citi Holdings is expected to eliminate approximately 350 positions, concentrated mostly in Greece and Spain, and incur approximately five percent of the repositioning charges.
About 25 percent of the repositioning charges are expected to be incurred in the corporate sector with approximately 2,300 positions that support corporate services, real estate, and Citi Holdings to be deducted.
Another 300 global functions positions would be eliminated as a result of efficiency savings.
"Citi has come a long way over the past several years.... We have shed hundreds of billions in assets and businesses that are not core to our strategy. We will continue to seek ways to optimise the execution of our strategy to better serve our clients and deliver results for all of our stakeholders," Corbat said.
Citi, which had to depend on government bailout money to navigate the financial crisis, had rejigged its top management in October that saw Pandit leaving the company.
Pandit was credited with steering the company through the financial crisis but he resigned from his positions in the wake of reported differences with the board.
Citigroup last month had said that it would pay Pandit $6.6 million in incentive awards for 2012.