Finance
Citigroup’s Muni-Market Exit Sows Fears of a Wall Street Retreat
- Bank shuts down businesses, seeing it as a drag on growth
- Follows UBS, steady disappearance of local investment banks
This article is for subscribers only.
For years, small investment banks have been pulling out of the business of underwriting municipal bonds, leaving the job of raising money for US state and local governments dominated by Wall Street’s giants.
Now, there’s concerns that the big banks may start dropping away, too.