Citigroup to offload Phibro, Hall to Occidental |
Reuters - Oct 9, 2009 |
Citigroup Inc agreed to sell its Phibro energy trading business to Occidental Petroleum Corp for a pittance, allowing the bank to calm regulators who were outraged over a $100 million pay package the unit was obliged to pay a star trader.
Citigroup is shedding a unit that has generated big profit by taking big risk, while oil and gas producer Occidental Petroleum is venturing into new territory. Occidental has historically been conservative in its trading.
Read Full Article from Reuters
- Posted: 2009-10-09 12:20:48
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