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Citi reorganizes prime brokerage unit

December 18, 2018 9:08 PM
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(Reuters) - Citigroup Inc (C.N) is shuffling its prime brokerage business, according to an internal memo seen by Reuters, amid reports that the unit could lose millions on a bad loan to an Asian hedge fund.

Bloomberg earlier reported that Citi faces a loss of up to $180 million related to risky foreign-exchange bets. Citi and the hedge fund are in talks on how the positions should be valued, the report said.

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