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Citigroup Exits Proprietary Trading, Says Most Staff Leave

Citigroup Inc., the third-biggest U.S. lender, will close a proprietary-trading desk that makes bets with the firm’s own money and most of the unit’s staff will leave before rules banning the practice take effect.

Citigroup is shutting the Equity Principal Strategies business and most staff will leave the bank after Feb. 6, according to a memo by Derek Bandeen, head of equities for the New York-based bank, and obtained by Bloomberg News. Danielle Romero-Apsilos, a spokeswoman for Citigroup, confirmed the memo’s contents.