Citigroup Is Exiting Distressed Debt Buying and selling

Citigroup Inc. has determined to exit the distressed-debt buying and selling enterprise, the most recent retrenchment in Chief Government Officer Jane Fraser’s effort to reshape the agency in pursuit of upper returns.

The transfer, described by folks briefed on the matter, will take away one of many key gamers in distressed-debt markets, and follows a latest resolution by the New York-based financial institution to get out of municipal bond buying and selling and underwriting.