New CEO Fraser of Citigroup is pushing ahead with her overhaul, including deciding to close its global distressed-debt group.
.Citigroup is exiting businesses with poor returns to bolster the bank's odds of hitting Fraser's performance targets.
Fraser announced the latest overhaul of the third biggest U.S. bank by assets in September, and has since moved to trim executives and pare back businesses. Internally, the effort is known as Project Bora Bora.
The distressed-debt group, which trades the bonds and other securities of companies in or approaching bankruptcy, employs about 40 people.
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