Citigroup says wealth unit to sell trust services business

Citigroup’s wealth unit has initiated a process to sell its trust administration and fiduciary services business, the bank said in a statement on Friday.”To enhance our focus on delivering the wealth structuring advice that matters most to our global clients, Citi Wealth has initiated a process to sell our trust administration-fiduciary services platform”, the bank said. The plan comes as CEO Jane Fraser is carrying out a sweeping overhaul in an effort to improve the bank’s performance, cut costs and simplify its sprawling businesses. Wealth management is a key growth area in her plan for improving Citigroup profitability.Read More