U.S. antitrust authorities have thrown a wrench into Citigroup Inc.’s plan to divest its subprime lending unit. Five months ago, Citigroup said it would sell the business, known as OneMain Financial, to Springleaf Holdings Inc. for $4.25 billion. The transaction would be a milestone in the New York company’s yearslong effort to get smaller in response to regulators’ criticism it is too sprawling to manage effectively. But...
Citigroup's sale of OneMain Financial Holdings to Springleaf Holdings may be delayed to beyond 3Q due to antitrust concerns. The deal would have been the largest U.S. bank acquisition since Bank of America bought Merrill Lynch in 2008.