Citigroup targets shedding $400 billion assets
Citigroup Inc on Friday has said it intends to shed $400 billion of assets over the next two to three years, in a drive to become more efficientUpdated: May 09, 2008, 18:39 IST
Citigroup Inc on Friday said it intends to shed $400 billion of assets over the next two to three years, in a drive to become more efficient.
In slides posted on the largest U.S. bank's web site, Citigroup said it has about $500 billion of "legacy assets." It said it expects to reduce this amount to less than $100 billion within two to three years.
Citigroup also said it is targeting annual net revenue growth of 10 percent from core operations. It said this includes increases of 7 percent from card operations, 8 percent from consumer banking, 9 percent from both securities and banking and from wealth management, and 14 percent from transaction services.
The bank's executives, including Chief Executive Vikram Pandit, are giving a presentation to investors and analysts on Friday.