Citigroup closes its global distressed debt unit

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.

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