New Citi: A Focus on Large Corporations and Rich Individuals
In an article titled "Citigroup Ready to Shrink Itself by a Third", David Enrich reports for the Wall St. Journal on plans expected to be announced soon by Citigroup to shed several business units.
Earlier today, Citi announced it had entered into a "definitive agreement to combine Morgan Stanley's Global Wealth Management Group and Citi's Smith Barney, Quilter in the UK, and Smith Barney Australia into a new joint venture to be called Morgan Stanley Smith Barney."
According to Enrich's reporting, Citigroup "executives hope to dump or shrink businesses that cater to less-affluent customers."
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