Donaldson, Lufkin & Jenrette Inc. said it plans to buy a correspondent securities business from Citigroup.

Citicorp Securities Services would be combined with Pershing Trading Corp., DLJ's securities clearing arm. Financial terms of the agreement, which was announced late Thursday and is expected to close by May, were not disclosed.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.