Citigroup said today it will exit some businesses within its institutional clients group, including hedge-fund administration and prepaid cards.
The bank will also get out of some transfer agency operations and wealth-management administration, according to a presentation on the company's website. The operations will become part of the Citi Holdings unit, which includes the bank's unwanted businesses and assets, in the first quarter of this year.
There are "active processes underway to exit in a timely and economically rational manner," according to the presentation.
