Citigroup is shutting down its municipal business, a move that will affect around 100 employees, as the bank continues to overhaul its business under a reorganisation by chief executive, Jane Fraser.

The bank has decided that the unit is "no longer viable given our commitment to increase the firm’s overall returns", according to a memo sent to staff reported by Bloomberg. The unit, which underwrites, sells and trades US local debt, was once a market leading business for Citigroup.