- Bank has plummeted in muni-bond underwriting rankings
- Decision comes as Fraser reshapes firm to meet profit goals
Citigroup Inc. will shutter its municipal business, one of the most dramatic moves yet by Chief Executive Officer Jane Fraser as she seeks to squeeze better returns out of the Wall Street giant.
The bank decided the business, which has tumbled in the rankings for underwriting state and local debt, is “no longer viable given our commitment to increase the firm’s overall returns,” according to a memo to staff seen by Bloomberg News.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.