Citigroup Dumps Distressed-Debt Trading

Citigroup has decided to exit the distressed-debt trading business, the latest retrenchment in Chief Executive Officer Jane Fraser’s effort to reshape the firm in pursuit of higher returns, as reported by Bloomberg News.

Citigroup also abandoned its credit card business and retail banking in Southeast Asia as it concentrates on its core ventures. I Photo: Håkan Dahlström Flickr

The move would remove one of the key players in distressed-debt markets and follows a recent decision by the New York-based bank to get out of municipal bond trading and underwriting.

Citigroup also abandoned its credit card business and retail banking in Southeast Asia as it concentrates on its core ventures, battered as it is by the economic turmoil caused by the COVID pandemic and the weakening of global markets.

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