The bank said that the business is “no longer viable” given their commitment to “increase overall returns.” This news comes just weeks after the company began layoffs that would impact 10,000+ employees.
BREAKING: Citigroup, $C, to shut down its municipal business in an effort to improve profitability.
The bank said that the business is "no longer viable" given their commitment to "increase overall returns."
The wind down of the business is expected by the end of Q1 2024.
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— The Kobeissi Letter (@KobeissiLetter) December 14, 2023
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