Citigroup Announces Sale of Trust Services Business from Wealth Unit, According to Reuters

By Tatiana Bautzer

NEW YORK – Citigroup’s wealth management unit has announced plans to sell its trust administration and fiduciary services business. In a statement released on Friday, the bank stated, "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."

This decision aligns with CEO Jane Fraser’s broader strategy aimed at improving the bank’s overall performance, reducing costs, and streamlining its extensive operations.

Wealth management is a crucial focus area in Fraser’s strategy for enhancing Citigroup’s profitability. Last year, she appointed Andy Sieg, previously from Bank of America, to lead the efforts in revitalizing the wealth management division.

As part of this ongoing strategy, Citigroup has been divesting its international retail banking operations and made the decision to close its municipal securities business earlier this year.