Published on 19 Dec 2023 on Zacks via Yahoo Finance
Citigroup (C) to Exit Muni Business, Focus on Core Strengths
Citigroup Inc. C, after several months of review, has planned the dismantling of its municipal bond business by the end of March 2024, per an internal bank memo. According to a person familiar with the matter, the move would affect around 100 Citigroup employees.
The company had a flourishing municipal bond business for several years. However, several concerns in the business operations have caused it to consider the sale of the unit.
Two of C’s executives, namely, Andy Morton and Peter Babej stated, "The economics of these activities are no longer viable, given our commitment to increase the firm’s overall returns."