153 As part of CEO Jane Fraser’s ongoing restructuring efforts, Citigroup is set to close its global distressed-debt group, as reported by sources familiar with the matter. The decision aligns with Citigroup’s strategy to exit businesses with subpar returns, a key element of Fraser’s plan to enhance the bank’s overall performance. The restructuring initiative, internally referred to as Project Bora Bora, was unveiled by Fraser in September, signaling a series of measures to streamline operations and meet performance targets. In a recent development, Citigroup announced the closure of its municipal-bond trading operations, underscoring the bank’s commitment to exiting underperforming businesses. The municipal-bond trading unit, once a flourishing business with around 100 employees, faced challenges prompting the decision to wind it down. The latest move to shutter the distressed-debt group, responsible for trading the securities of companies facing bankruptcy, involves approximately 40 employees, according to insider sources. The decision reflects Citigroup’s proactive approach to optimizing its business portfolio and focusing on areas with stronger growth potential. While Citigroup has not provided an official comment on these developments, the strategic decisions are in line with the broader efforts to reshape the bank’s operations and improve its financial outlook. Fraser’s leadership has been marked by a series of targeted measures to refine Citigroup’s business model and enhance overall competitiveness in the financial sector. You Might Be Interested In Centene’s Meridian Awarded Michigan Medicaid Contracts Elon Musk Set to Reveal $2-3 Billion Investment Plan for India During Visit Robinhood Enters UK Market, Paving the Way for Competitive Share Trading Platforms FSB examines Italy’s effort to reduce bank non-performing loans China’s New Financial Commission Seeks to Strengthen Control over the Sector Qatar Central Bank’s Foreign Reserves Experience Impressive 14.3% Surge in July