Citigroup selling prize assets in massive breakup to survive
20th Jan 09, 10:04am
The scale of the desperation gripping America's biggest banks was clear in Citigroup's moves over the weekend to sell its crown jewels to survive. Citigroup was reported by Yomiuri Shimbun as looking to sell its Nikko Asset Management and Nikko Cordial arms in Japan as it carves itself up to survive. Last week Citigroup announced the sale of the majority of its Smith Barney brokerage operation and took another chunk of government money to recapitalise. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.