Mike Corbat’s subprime albatross, OneMain Financial, is finally making some money, meaning it’s now or never for getting rid of it. Which means now.
The New York bank could file documents by the end of the month to take OneMain public, according to a person familiar with the situation. But the New York bank also remains open to selling the unit to potential buyers, which could include private-equity investors or competitors….
The bank is open to a sale to a private-equity buyer, an IPO, or a combination of the two. He said in May that Citigroup had seen opportunities to sell OneMain, but the price wasn't right.