Citigroup is shuttering another Wall Street business as CEO Jane Fraser pushes ahead with her overhaul of the bank, CNBC has learned.
The company decided to close its global distressed-debt group, according to people with direct knowledge of the move.
Citigroup is exiting businesses with poor returns to bolster the bank’s odds of hitting Fraser’s performance targets. Fraser announced the latest overhaul of the third biggest U.S. bank by assets in September, and has since moved to trim executives and pare back businesses. Internally, the effort is known as Project Bora Bora.
Read More : Citigroup Announces Closure of Global Distressed-Debt Unit as Part of CEO Jane Fraser’s Restructuring Plan