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A trader trades shares of Citigroup Inc. on the floor of the New York Stock Exchange (NYSE) on June 3, 2016 in New York, US. Works beneath a monitor displaying signage.
Michael Nagel | Bloomberg | getty images
city group Another Wall Street trade is closing as CEO Jane Fraser moves forward with her overhaul of the bank, CNBC has learned.
The company decided to shut down its global distressed-debt group, according to people with direct knowledge of the move.
Citigroup is exiting businesses with poor returns to increase the bank’s chances of achieving Fraser’s performance targets. Fraser announced the latest overhaul of the third-largest U.S. bank by assets in September, and has since moved to shed executives and shed businesses. Internally, this effort is known as Project Bora Bora.
Last week, the bank announced it was closing its municipal-bond trading operations, a once-thriving business with about 100 employees that had fallen on hard times.
The distressed-debt group, which trades bonds and other securities of companies in or near bankruptcy, employs about 40 people, said the people, who declined to speak about the strategic moves.
Citigroup did not immediately comment for this piece.
