Citigroup will close a proprietary-trading desk that makes bets with the firm’s own money and most of the unit’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’s CEO is closing the unit as regulators draft the so-called Volcker rule…which seeks to restrict banks that accept deposits from trading with shareholders’ 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.
