Implementation of Basel III remains years away, but Citigroup Inc. is wasting little time in unloading assets that will look a lot less attractive under the new regulatory framework.
At the end of the first quarter, Citi reclassified $12.7 billion of assets that it previously planned to hold to maturity, transferring them to the trading book to hasten their roll-off from the balance sheet. To date, the company has sold nearly three quarters of those assets, mainly at or above their marked prices.
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