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Citigroup Aids Unit as Volcker Rule Spurs Defectors

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CITI HIRES BEFORE IT HAS TO FIRE
"Citigroup Inc., the bank 27 percent owned by the U.S., is bolstering a unit that trades stocks with the lender’s own money after a proposed government ban of proprietary trading helped spur eight of its 22 employees to defect, people with direct knowledge of the matter said," Bloomberg reports. "Citigroup is trying to preserve the unit, which produces about $100 million of annual revenue, as banks face a proposed ban on proprietary trading dubbed by President Barack Obama as the Volcker rule."
SOURCE:   Bloomberg

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