Citigroup (C) to Sell Trust Business as Part of Overhaul Plan

Citigroup Inc. (C) is planning to divest its trust business, a unit within its private banking operations, which manages trust and estate planning needs for its ultra-wealthy clients. The bank confirmed this to Barron’s on Aug 8. This process aligns with Citigroup’s extensive, multi-year restructuring plan under the leadership of CEO Jane Fraser.Discussions about the deal, internally code-named “Project Mango,” began almost a year ago. Citigroup has identified a buyer for its trust business, though the iden ...