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

‘Superman’ snares .5 million in Thursday previews on way to 0 million opening
Business

‘Superman’ snares $22.5 million in Thursday previews on way to $140 million opening

David Corenswet stars are Superman in Warner Bros.’ “Superman.” Warner Bros. Discovery It’s not a bird or a plane that soared into cinemas Thursday night — it was Warner Bros.’ “Superman.” The first film in the new era of DC films under James Gunn and Peter Safran snared $22.5 million from preview showings. It’s the […]

Read More
Levi Strauss raises sales guidance, says it will absorb some tariff costs for now
Business

Levi Strauss raises sales guidance, says it will absorb some tariff costs for now

Levi Strauss raised its full-year guidance Thursday and said it’s working to absorb some of the costs it’s facing from higher tariffs, but that could change as President Donald Trump’s trade policy evolves.  The denim maker doesn’t disclose its key manufacturing hubs, but much of its supply comes from Southeast Asia. Many countries in the […]

Read More
IMAX is headed for its best year on record as it capitalizes on Hollywood’s box office rebound
Business

IMAX is headed for its best year on record as it capitalizes on Hollywood’s box office rebound

General atmosphere during an IMAX private screening for the movie “First Man” at an AMC theater in New York City on Oct. 10, 2018. Lars Niki | Getty Images Entertainment | Getty Images More than a year before “F1: The Movie” would eventually hit theaters, Apple struck a deal with IMAX. The studio secured the […]

Read More