Citi Sells Phibro To Occidental

Citigroup unloaded its controversial proprietary commodities trading desk on Friday for about $250 million, less than the unit makes in a year.

Citi sold Phibro to Occidental Petroleum Corp. mainly to part ways with the unit’s head, Andrew Hall. The recipient of nearly $50 billion in government bailout money, Citi was pushed by the Obama administration’s pay czar, Kenneth Feinberg, to cut ties with Hall, who is due a $100 million bonus under his contract this year.