Friday, May 9, 2008

Citigroup considers $400 bn of asset sales


Citigroup Inc will identify, today, as much as $400 billion in non-core assets that could be sold as part of a cost-cutting effort.The asset sell-off was likely to take years and some of the non-core holdings may never be sold.

In todays meeting with analysts, Citigroup Chief Executive Vikram Pandit would confirm his pledge to cut Citigroup's cost base of more than $60 billion by about 20 percent.

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