A list of the Social Security offices across the US expected to close this year
Changes come to SF West Portal intersection a year after family of 4 killed in crash
UnitedHealth's unit reduces renewal requirements for some prescription drugs
Serbia's PM Vucevic formally resigns, triggering 30-day deadline for new government
EU should fund Ukraine's access to satellite internet, Commission says
Rwanda's economy grew 8.9% in 2024, stats office says
California has a $6.2 billion Medicaid funding gap partly due to expanding immigrant coverage
Stock market today: Wall Street rises ahead of Fed announcement
Burrow, Cousins and Goff will be featured on 2nd season of Netflix's 'Quarterback' series
Defense Department webpage on Jackie Robinson's military service suddenly missing amid DEI purge
JuJu Watkins, Hannah Hidalgo headline women's AP All-America team; Bueckers, Betts, Booker join them
By Tatiana Bautzer
NEW YORK (Reuters) - 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.
(Reporting by Tatiana Bautzer, editing by Deepa Babington)
