Inside Citigroup’s $400 billion diet
Citigroup announced plans to shed $400 billion in assets over the next two to three years.
In the past two quarters, Citigroup has posted losses totalling $15 billion. Guess we know who’s NOT having the Best Year Ever. (VH1 rocks!)
Recently Citi announced the sale of several units with the goal of ”getting fit,” says CEO Vikram Pandit. CitiStreet (a global benefits provider) will be sold for $900 million, Citi’s commercial lending/leasing arm was sold to General Electric, and Diners Club International is next on the list.
The purpose of this new diet is to trim assets and raise shareholder value. BTW, the latter is about $125 billion lighter since last year. Unfortunately, that’s not the kind of weight loss that earns you bragging rights.
If this diet formula works, I have a proposition for Citigroup: bottle it and sell it to AIG…then pay me a finder’s fee. :)
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