Following Q4 Losses Citi Announces Its Japanese Broker Sell

On the heels of a devastating $8.3 billion fourth quarter loss announced Friday, Citigroup Inc. is planning to sell its Japanese retail brokerage firm, according to published reports citing people familiar with the matter, Investment News reports. Tokyo based Nikko

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On the heels of a devastating $8.3 billion fourth-quarter loss announced Friday, Citigroup Inc. is planning to sell its Japanese retail-brokerage firm, according to published reports citing people familiar with the matter, Investment News reports.

Tokyo-based Nikko Cordial Securities Inc., which Citigroup acquired last year, is Japans third-largest brokerage firm.

Last week, Citigroup spun off its brokerage business Smith Barney to New York-based Morgan Stanley.

The Citigroup press office did not immediately respond to a call seeking comment.

D.C.

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