Citigroup to close proprietary trading desk

Citigroup will close its equity principal strategies desk because of the Volcker rule. "Pursuant to various regulatory initiatives and changes, we have made the strategic decision to exit the principal strategies business," Derek Bandeen, Citi’s head of equities, wrote in a memo. "The team, led by Sutesh Sharma, have been aware of this for some time and have worked diligently to wind down the positions over the last few months."

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