Why did Citi decide to shut down it's distressed debt division now of all times? Distressed activity is high compared to 2021-22, so wouldn't there be increased activity for the group? Some articles mentioned the business requiring lots of upfront capital and being cyclical, but I'm not sure why Citi didn't just downsize the group unless performance was really lagging.
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Because it isn't making money for them.
Shit bank making shit decisions…
Market making requires firm capital which is becoming increasingly more expensive in the current regulatory environment and most trading and distribution business are all or nothing investments in terms of personnel given you need sales, trading, research, and balance sheet to have an effective market making platform. Distressed debt trading has underperformed at Citi over past several years, has seen some major leadership departure, and has limited synergy with the rest of the business.
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