May 9, 2008
Citigroup Shedding $500 Billion In Assets
“We believe the right model is a global universal bank.”
Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets.
The plans are the most concrete yet by Vikram Pandit, nearing his five-month anniversary as the bank's CEO, to prove himself a capable turnaround specialist at a company that many claim was struggling long before the housing market collapse.
The bank's plans to wind down its $2.2 trillion in assets to approximately $1.7 trillion were part of an investor day presentation at one of Citigroup's Manhattan offices. Read more
Read full story from WCCO-TV
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