Citigroup to sell more assets
Battered Citigroup has raised money from investors, laid off employees and sold off chunks of the business. It wasn't enough. Today the company announced it would sell off $400 billion in assets. Amy Scott has more.
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This morning, Citigroup is fending off calls for a breakup. CEO Vikram Pandit is in the midst of a four-hour conference call with investors and Wall Street analysts. He has some reassuring to do. The bank has reported more than $45 billion in credit losses since late last year. Marketplace's Amy Scott reports.
Amy Scott: In the last few months, Citigroup has raised more than $40 billion from investors to cushion its credit losses. It's announced more than 13,000 job cuts and sold off several chunks of the business. But apparently these measures weren't enough. The bank announced today it will sell some $400 billion in assets over the next few years. CEO Vikram Pandit took the helm late last year. In the webcast this morning, he tried to reassure investors.
Vikram Pandit: Let me just say that today, if we were in a normal environment, we'd be generating $20 billion plus of earnings for our common shareholders.
Of course, this is not a normal environment. Those shareholders have watched Citi's stock price fall by more than 50 percent over the last year.
In New York, I'm Amy Scott for Marketplace.
