Citigroup to close global distressed-debt business as part of CEO Jane Fraser's overhaul
Publishing timestamp: 2023-12-20 18:23:43
Summary
Citigroup has decided to close its global distressed-debt group as part of CEO Jane Fraser's overhaul of the bank. This move is aimed at improving the bank's performance targets. Citigroup has been trimming executives and paring back businesses as part of this overhaul, known internally as Project Bora Bora. Last week, the bank also announced the closure of its municipal-bond trading operations.
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Keywords: breaking news: markets, banks, breaking news: investing, investment strategy, business news, breakingnewsglobal, citigroup inc,
Source: https://www.cnbc.com/2023/12/20/citigroup-to-close-global-distressed-debt-unit.html