Citigroup considering break up or sale, says WSJ
22nd Nov 08, 8:00am
The world's largest bank by assets, Citigroup, has begun considering selling itself or breaking itself up into parts and selling some of the parts in a fresh sign that the Credit Crunch is about to claim an enormous new scalp, the Wall St Journal has reported here. "The internal discussions are at a preliminary stage and don't signal that Citigroup's board and management are backing down from their insistence that the New York company has ample capital, funding and strategic direction," the Wall St Journal said. "But with the stock down another 26% on Thursday, its worst one-day percentage decline ever, Citigroup officials have decided they need to reckon with a range of scenarios that were unthinkable only weeks ago," it said. Citigroup has over 350,000 employees and over 200 million customer accounts in 106 countries. It has a market value of US$34 billion and total assets of US$2.05 trillion. * 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.