Citigroup Plans to Eliminate Shrinking Citi Holdings Unitby
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.