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Reply #86: Citigroup eyes spinning off oil trading unit [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-20-09 05:16 PM
Response to Reply #6
86. Citigroup eyes spinning off oil trading unit

Citigroup is looking to spin off a controversial oil trading unit where the star trader could collect $100m in pay this year, according to Vikram Pandit, the chief executive.

Mr Pandit indicated that Citi wanted to reduce its ownership in the unit, called Phibro, and get it to manage money from outside investors.
FT Alphaville: Pandit and the $100m man - Sep-18
Banks face restrictions on bonuses - Sep-15
Citigroup poaches top China investment banker - Sep-17

At present Phibro, which is run by Andrew Hall, trades with Citis capital...

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