COMPANIES Citigroup is working on a sale of its controversial commodities unit in a move that could raise hundreds of millions of dollars and deflect political anger over a potential $100m pay-out for its star trader Andrew Hall.
People close to the situation said that, after debating options such as divesting part of the unit, called Phibro, opening it up to outside investors or spinning it off, Citi’s executives favoured a complete divestment of the commodity trading division.
