Citigroup (C) Looks To Add To Trading Unit

According to Bloomberg, Citigroup, Inc. (NYSE: C) is looking to bolster its proprietary trading division after eight of the twenty two people at the division left in the last few months.

According to people familiar with the developments, Matt Carpenter, the unit’s leader left the firm in February. He cited the possibility of the Volcker rule being implemented as one of his reasons for leaving. The Volcker rule will restrict banks from using its own money for trading activities.

Proprietary trading contributes only about $100 million to total revenue at Citigroup. The bank’s CEO, Vikram Pandit, has acknowledged that banks shouldn’t be allowed to use its capital to speculate.