Citigroup to sell trust business amid turnaround efforts

Citigroup’s (NYSE:C) wealth unit has initiated the process to sell its trust administration and fiduciary services platform, the bank said in a statement on Saturday.

The plan is part of chief executive Jane Fraser’s multi-year turnaround plan to improve the bank’s performance, control costs, and streamline operations.

Last year, after Citi (C) realigned its corporate structure to reduce management layers, Andy Sieg joined the bank to lead its wealth management operations. Sieg had previously served as the president of Bank of America-owned Merrill Lynch.

Fraser’s plan has focused on getting rid of underperforming international consumer segments. Earlier in the year, the bank shuttered its once envied municipal bond business.