The Citigroup Center in midtown Manhattan is shown in this July 14, 2014 photo.
Timothy A. Clary | AFP | Getty Images
Citigroup has decided to close its municipal underwriting and market-making activities, according to a memo seen by Reuters.
“The economics of these activities are no longer viable given our commitment to increase the firm’s overall returns,” said the memo, signed by Citigroup’s head of markets Andy Morton and Peter Babej, interim head of banking.
The memo added that the bank will unwind the unit in the first quarter and that most people working there will leave. Discussions about the future of the unit led to a team of bankers leaving for Jefferies last month.
Bloomberg reported the memo earlier on Thursday.
Citi’s municipal offering business has been under scrutiny from the Texas attorney general, who in January halted the bank’s ability to underwrite most municipal bond offerings in Texas, saying the bank had discriminated against the firearms sector.
24World Media does not take any responsibility of the information you see on this page. The content this page contains is from independent third-party content provider. If you have any concerns regarding the content, please free to write us here: contact@24worldmedia.com
Why You Need To Improve Drainage on Your Property
Essential Tips To Shield Your Car Windows From Damage
Warehouse Optimization Tips To Improve Performance
How High-Humidity Climates Affect Pressure Gauges
How Is Global Health Improving Year After Year
Ways That You Can Make Your Land More Useful
Essential Materials Used in the Construction Industry
A Look Into 3 Aspects of Maintaining Wind Turbines
Key Factors To Know Before Using IoT Solutions
Avoiding Hazards: How Vehicle Manufacturers Keep People Safe
