𝐂𝐢𝐭𝐢𝐠𝐫𝐨𝐮𝐩 𝐏𝐥𝐚𝐧𝐬 𝐃𝐢𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐨𝐟 𝐢𝐭𝐬 𝐓𝐫𝐮𝐬𝐭 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬- 𝐖𝐡𝐚𝐭 𝐂𝐨𝐮𝐥𝐝 𝐛𝐞 𝐭𝐡𝐞 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐀𝐌/ 𝐖𝐌 𝐑𝐨𝐥𝐞𝐬?

Citigroup is nearing the divestment of its trust business, a move reported by financial magazine Barron’s. Currently, Citi offers trust services to ultra-wealthy clients for managing their estate needs. A buyer has been identified, though undisclosed, with one firm bidding $70 million unsuccessfully. Citi will keep the investment management segment while the buyer will take over trust administration.

Key points to note about the deal:

➡ Divestment Part of Strategy: This is part of a broader strategy led by CEO Jane Fraser to streamline operations post-2008 financial crisis.

➡ Previous Sales: Citi previously sold its Smith Barney wealth business to Morgan Stanley and part of its trust business to Reliance Financial.

➡ Focus on Core Assets: The divestment aligns with Citi's aim to focus on core assets and improve profitability.

Implications for Wealth Management and Asset Management aspirants:

✅ Job Opportunities: The shift may affect the availability of roles in non-core areas, implying fewer opportunities in the trust division.

✅ Focus on Core Areas: Students should target roles in Citi’s retained core areas, such as Investment Management

✅ Industry Trends: Understanding of such strategic changes is crucial for students to align career aspirations with industry movements.

By realigning its business, Citigroup aims to enhance profitability and focus, impacting job availability in specific sectors.

While the immediate impact on Summer Internship roles may not be much, such market news is important for Investment Banking,  Asset Management, Private Banking, and Wealth Management  interviews since you would be expected to be familiar with latest macroeconomic as well as related banking news. 

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