Citi Plans to Eliminate Distressed Debt Unit

Written By Terri Baker

CNBC reported that Citigroup is planning to eliminate its distressed debt unit. According to CNBC, the unit is made up of 40 employees.

CNBC noted that the closure of the distressed debt unit is the latest move in the planned “overhaul of the bank” being led by Jane Fraser, Citi’s CEO, with previous actions including the elimination of municipal bond trading and the shrinking of the executive workforce.

Terri Baker
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