{"id":26924,"date":"2012-01-28T18:00:07","date_gmt":"2012-01-28T23:00:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2012\/01\/28\/citigroup-to-close-proprietary-trading-desk\/"},"modified":"2012-01-28T18:00:07","modified_gmt":"2012-01-28T23:00:07","slug":"citigroup-to-close-proprietary-trading-desk","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2012\/01\/28\/citigroup-to-close-proprietary-trading-desk\/","title":{"rendered":"Citigroup to close proprietary-trading desk"},"content":{"rendered":"<p><div id=\"grabDiv1767162\"><object id=\"GrabPlayer1767162\" width=\"540\" height=\"300\" type=\"application\/x-shockwave-flash\" align=\"middle\" data=\"http:\/\/player.grabnetworks.com\/swf\/GrabOSMFPlayer.swf?id=1767162&#038;content=va0798582b8bb5e82f2efc9ae0755b9ff44c87435&#038;tgt=grabnetworks\"><param name=\"quality\" value=\"high\"\/><param name=\"allowScriptAccess\" value=\"always\"\/><param name=\"allowFullScreen\" value=\"true\"\/><param name=\"menu\" value=\"false\"\/><param name=\"movie\" value=\"http:\/\/player.grabnetworks.com\/swf\/GrabOSMFPlayer.swf?id=1767162&#038;content=va0798582b8bb5e82f2efc9ae0755b9ff44c87435&#038;tgt=grabnetworks\"\/><\/object><\/div>\n<\/p>\n<p>Citigroup will close a proprietary-trading desk that makes bets with the firm&#8217;s own money and most of the unit&#8217;s staff will leave before rules banning the practice take effect. The third-biggest U.S. lender is shutting their Equity Principal Strategies business and most of that staff will leave the bank after Feb. 6th, according to Bloomberg.Citigroup&#8217;s CEO is closing the unit as regulators draft the so-called Volcker rule&#8230;which seeks to restrict banks that accept deposits from trading with shareholders&#8217; money.Citigroup (NYSE:C) has potential upside of 35.3% based on a current price of $30.46 and an average consensus analyst price target of $41.22.<\/p>\n<p><img src='http:\/\/cache.thenewsroom.com\/financial_news_network\/2012\/01\/28\/1_zz0ch7km_thumb.jpg' \/><\/p>\n<p><!--post_img[http:\/\/cache.thenewsroom.com\/financial_news_network\/2012\/01\/28\/1_zz0ch7km_preview.jpg]--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citigroup will close a proprietary-trading desk that makes bets with the firm&#8217;s own money and most of the unit&#8217;s staff will leave before rules banning the practice take effect. The third-biggest U.S. lender is shutting their Equity Principal Strategies business and most of that staff will leave the bank after Feb. 6th, according to Bloomberg.Citigroup&#8217;s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2012\/01\/28\/citigroup-to-close-proprietary-trading-desk\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Citigroup to close proprietary-trading desk&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-26924","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/26924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=26924"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/26924\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=26924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=26924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=26924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}