Citigroup Inc. (NYSE: C) will close its proprietary trading desk next month and all remaining employees will leave the company, according to a report from Bloomberg News. The closure has been known of for some time. The closure is being done in response to the so-called Volcker Rule, which restricts institutions which take consumer deposits from trading with their depositors’ cash.
Citi Will Shut Down Prop Trading Desk (C)
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Paul Ausick
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Paul Ausick →
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
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