Citibank said on Friday it aims to shed $400 billion of assets -- nearly 20 percent of its total -- over the next two to three years to become more efficient and profitable.
Citi's newly installed chief executive, Vikram Pandit, has faced demands from investors that he slash costs, shed poorly performing businesses and even split up the bank.
Some investors view Citi, built over two decades by Sanford "Sandy" Weill, as too big to govern, a charge that Pandit's predecessor, Charles Prince, routinely rejected.
Citi, hit hard by the subprime mortgage meltdown and ensuing turmoil, said it has about $500 billion of "legacy assets," and it expects to pare those to less than $100 billion within two to three years.
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