The New York banking titan has created a joint venture between two of its corporate and investment banking business — capital markets and transaction services — to better cater to this much sought-after, highly lucrative clientele.
The news comes as Citi reportedly considers a sharp cutback in U.S. jobs in a bid to hold down expense growth.
“By unifying our multi-broker, multi-strategy capabilities under one business, Citi is ideally positioned to anticipate and address the increasingly complex needs of hedge fund clients anywhere in the world,” the company said this month in an internal memo.
