Citigroup Plans to Eliminate Shrinking Citi Holdings Unit
Citigroup Inc. said it will no longer break out results for Citi Holdings after this year. The so-called bad bank was created in 2009 by then-Chief Executive Officer Vikram Pandit to house about $600 billion of troubled businesses and toxic assets. The company has since whittled that to $73 billion. “Winding down Holdings has been a longtime goal and shows Citi’s progress in becoming a simpler, smaller, safer and stronger institution,” CEO Mike Corbat, who ran the unit before succeeding Pandit,
This article is for subscribers only.
Citigroup Inc. said it will no longer break out results for Citi Holdings after this year. The so-called bad bank was created in 2009 by then-Chief Executive Officer Vikram Pandit to house about $600 billion of troubled businesses and toxic assets. The company has since whittled that to $73 billion. “Winding down Holdings has been a longtime goal and shows Citi’s progress in becoming a simpler, smaller, safer and stronger institution,” CEO Mike Corbat, who ran the unit before succeeding Pandit, said Friday in a statement.