Citi CDS blows wide on restructuring plans

Citigroup's credit default swap five-year senior mid level was at 370.1 minutes ago, marking a near 50% weakening from yesterday's New York close, when the paper was quoted by CMA DataVision at 262.9.

The company announced this morning that it plans to break up the bank into separated divisions which will see the creation of a non-core unit that will isolate unwanted assets and businesses from global commercial banking operations.

By comparison, Morgan Stanley's five-year senior mid level CDS was quoted at 387.9 at yesterday's close, while UBS was at 220.7 and Goldman Sachs at 289.7.

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