Citigroup is set to close its municipal business, a significant move by CEO Jane Fraser to enhance returns. The decision has attracted attention, with some viewing it as a case study and others expressing concerns about value destruction. PIMCO's head of municipal bonds sees an opportunity for investors as banks reduce their presence in the muni market. Citigroup's employees have been allowed to work remotely until the new year, amid anxiety over potential layoffs and corporate reorganization. The move by Citigroup reflects a trend of smaller banks exiting municipal bond underwriting, raising worries about the withdrawal of Wall Street giants from this business segment. The dismantling of this part of Citigroup's empire has drawn comparisons to its historical stature.
Citigroup is dismantling another piece of the empire that Sandy Weill built https://t.co/NVttJUEoOx by @DsHollers
Citigroup has told most of its employees that they can work remotely the final two weeks of December. But employees are on edge over CEO Jane Fraser’s sweeping corporate reorganization. Read more from @Hugh_Son here: https://t.co/kzM43TWgrU https://t.co/TL2fXA63RJ
For years, small investment banks have been pulling out of the business of underwriting municipal bonds. Now, there are concerns Wall Street giants may start dropping away, too https://t.co/Y8NUrhos4S
For years, small investment banks have been pulling out of the business of underwriting municipal bonds. Now, there are concerns Wall Street giants may start dropping away, too https://t.co/tBqagJbxSe
Citi is once again allowing most of its employees to work from anywhere for the final two weeks of the year https://t.co/CdfOSe7F9n
new @CNBC scoop: @Citi CEO Jane Fraser to employees: Guess what , work from home the rest of the year ! Citi employees: Okaay but will I have a job come January ?? https://t.co/EmuC2KRC5y
Citigroup employees, on edge over layoffs, told they can work remotely until the new year https://t.co/MIev0kHvZK
“We do think banks are likely to be less present in the muni market,” PIMCO’s head of municipal bonds David Hammer says. “We see this as an opportunity for investors to really step into the void that they're creating here in buying bonds with higher yields…” https://t.co/oTgHNjFmJL
“Citi Shuts Muni Business that Once was the Envy of Rivals” The end of Liar’s Poker
Citi to muniland: drop dead. https://t.co/92qEZGOY8l
SPAM-MED: *CITI TO SHUT DOWN MUNI BUSINESS THAT ONCE WAS ENVY OF RIVALS* | @markets | Value destruction continues
The fall of Citi's muni bond business should be a B-school case study.
Citigroup will shutter its municipal business, one of the most dramatic moves yet by Chief Executive Officer Jane Fraser as she seeks to squeeze better returns out of the Wall Street giant https://t.co/rgNq4ngX50