Citigroup Inc. Continues Overhaul, Closes Distressed-Debt Business in Strategic Move
(Source – CNBC) Citigroup Inc. is reportedly taking another significant step in Chief Executive Jane Fraser’s ambitious restructuring plan, closing its global distressed-debt business , according to sources familiar with the matter. This move follows the recent announcement that the major Wall Street bank would be shutting down its municipal bond group by the end of March. The distressed-debt desk, responsible for trading the bonds and securities of companies in or nearing bankruptcy, currently employs around 40 individuals, as reported by CNBC. Bloomberg sources indicated that the closure is anticipated to impact approximately 20 positions within the bank. Streamline Citigroup bank’s operations and improve its performance metrics CEO Jane Fraser has been executing a comprehensive overhaul of Citigroup, marked by a strategic shift away from businesses delivering poor returns. This latest move is aligned with Fraser’s broader initiative to streamline the bank’s operations an...