Citigroup has sold its controversial commodity unit Phibro to Occidental Petroleum for a cut price after intense pressure from the US government over the compensation of its star trader Andrew Hall, according to people close to the situation.
The sale, announced yesterday, underlines the influence the authorities are exerting on companies that rely on taxpayers' money and raises concerns over government interference. Citi has received $45bn in federal aid and has ceded a 34 per cent stake to the government.
The divestment of Phibro, which has been with Citi or predecessor companies since 1981, enables the bank to redeploy the billions in capital the unit needs for trades but deprives it of a big profit engine.
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