Citigroup says wealth unit to sell trust services business

By Tatiana Bautzer

NEW YORK (Reuters) – 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. Last year Fraser brought Andy Sieg from Bank of America to lead the turnaround at the wealth management division.

Citigroup has been selling international retail banking businesses as part of Fraser’s plan and decided to close its municipal securities business early this year.