Citigroup to close global distressed-debt business as part of CEO Jane Fraser's overhaul

Citigroup to close global distressed-debt business as part of CEO Jane Fraser's overhaul


A trader works underneath a monitor displaying Citigroup Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on June 3, 2016.

Michael Nagle | Bloomberg | Getty Images

Citigroup is shuttering another Wall Street business as CEO Jane Fraser pushes ahead with her overhaul of the bank, CNBC has learned.

The company decided to close its global distressed-debt group, according to people with direct knowledge of the move.

Citigroup is exiting businesses with poor returns to bolster the bank’s odds of hitting Fraser’s performance targets. Fraser announced the latest overhaul of the third biggest U.S. bank by assets in September, and has since moved to trim executives and pare back businesses. Internally, the effort is known as Project Bora Bora.

Last week, the bank announced it was closing its municipal-bond trading operations, a once-thriving business with about 100 employees that had fallen on hard times.

The distressed-debt group, which trades the bonds and other securities of companies in or approaching bankruptcy, employs about 40 people, said the people, who declined to be identified speaking about strategic moves.

Citigroup didn’t immediately comment for this piece.



Source

Airlines tell passengers to prepare for delays as government shutdown continues
Business

Airlines tell passengers to prepare for delays as government shutdown continues

The Hollywood Burbank Airport air traffic control tower stands in Burbank, California, on Oct. 6, 2025. Mario Tama | Getty Images Travelers should prepare for potential flight disruptions this holiday weekend as the government shutdown continues, a group representing the largest U.S. airlines said Friday. Air traffic controller shortages this week delayed flights at some […]

Read More
NBA Commissioner Adam Silver says ‘we’d love to bring a WNBA game’ to China
Business

NBA Commissioner Adam Silver says ‘we’d love to bring a WNBA game’ to China

MACAO — NBA Commissioner Adam Silver said Friday the WNBA could be next to play games in China.  Silver spoke exclusively with CNBC courtside from the first of two NBA games in Macao.  “We have to get through a new collective bargaining agreement with our players,” he said. “But once we do, there’s so much […]

Read More
More than half of entrepreneurs are considering moving to a new country. Singapore is their top option
Business

More than half of entrepreneurs are considering moving to a new country. Singapore is their top option

The Merlion statue in the central business district of Singapore, on Tuesday, July 8, 2025. Lionel Ng | Bloomberg | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Moneyed […]

Read More