Citigroup is nearing a deal to sell its trust business, a 200-person unit within its private bank, the bank confirmed to Barron’s , a fellow Dow Jones Group title, on 8 August. The plan is part of a complex, multi-year turnaround effort that Citi chief executive Jane Fraser is overseeing across the firm.
Discussions about the deal, internally code-named “Project Mango,” started around a year ago and Citi has identified a buyer, people familiar with the matter said. Barron’s couldn’t learn the identity of the buyer.
