A trader works under a screen displaying Citigroup Inc. signs on the floor of the New York Stock Exchange (NYSE) in New York, US, on June 3, 2016.
Michael Nagel | Bloomberg | Getty Images
Citigroup will close another Wall Street business, as CEO Jane Fraser presses ahead with her sweeping overhaul of the bank, CNBC has learned.
The company decided to close its global distressed debt pool, according to people with direct knowledge of the move.
Citigroup is exiting companies with weak returns to boost the bank’s odds of meeting Fraser’s performance targets. Fraser announced the latest overhaul of the third-largest US bank by assets last September, and has since moved to trim executives and downsize the business. Internally, this effort is known as Project Bora Bora.
Last week, the bank announced it would close its municipal bond trading operations, a once-thriving business with about 100 employees that has fallen on hard times.
The distressed debt group, which trades bonds and other securities for companies in or near bankruptcy, employs about 40 people, said the people, who asked not to be identified talking about the strategic moves.
Citigroup declined to comment on this article.
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