GTS, Massive Citigroup Unit, Continues To Grow

03/18/2010 05:12 am ET | Updated May 25, 2011
  • DAVID ENRICH wsj.com

Even as federal officials move to rein in the nation's biggest banks, one chunk of giant Citigroup Inc. keeps expanding -- with the help of the U.S. government.

Citigroup's Global Transaction Services unit, or GTS, zaps more than $3 trillion around the world each day for hundreds of corporations and dozens of governments and agencies, including the Federal Reserve. It converts currencies for the Fed, processes all passport applications for the U.S. government and handles U.S. military payments to Iraqi contractors.

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