Reports: Citi to cut loose Japan brokerage
On the heels of a devastating $8.3 billion fourth-quarter loss announced on Friday, Citigroup Inc. is planning to sell its Japanese retail brokerage, according to published reports citing people familiar with the matter.
On the heels of a devastating $8.3 billion fourth-quarter loss announced Friday, Citigroup Inc. is planning to sell its Japanese retail-brokerage firm, according to published reports citing people familiar with the matter.
Tokyo-based Nikko Cordial Securities Inc., which Citigroup acquired last year, is Japan’s third-largest brokerage firm.
Last week, Citigroup spun off its brokerage business Smith Barney to New York-based Morgan Stanley.
The Citigroup press office did not immediately respond to a call seeking comment.
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