While it's been a tough year across fixed-income generally, a Wall Street muni retrenchment marks an opportunity for regional and middle-market firms to gain more of a foothold, market participants said.

Rai joins Wells as senior strategist after he was let go by Citi in June.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

Citigroup's cuts included veteran public finance banker Thomas Coomes, who had co-led the bank's Midwest region.

The Texas attorney general's office determined a Citigroup commercial firearms policy does not comply with a 2021 state law prohibiting state and local government contracts with companies that discriminate against the firearms industry.

The Texas Attorney General's Office will announce by Jan. 13 whether Citigroup can continue to underwrite municipal bonds in the state under a 2021 law that prohibits contracts with companies that "discriminate" against the firearm industry.

The Puerto Rico Oversight Board is seeking the return of fees connected with Puerto Rico bonds and swaps.

The Texas attorney general’s office is seeking more information on Citigroup’s gun policies as the bank stages a comeback in the state’s municipal bond market.

Citigroup won a municipal bond deal in Texas, marking a potential re-entry into the state despite a law targeting Wall Street banks for their gun policies.

A Texas state law targets Wall Street banks for wading into the debate over guns.