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...just the latest sale for Citi, which has been paring back its businesses for well over a year. Earlier this year, the bank sold its Salomon Smith Barney brokerage unit to Morgan Stanley. Also gone are Citi's Diners Club credit-card business, its Japanese brokerage operations, a technology-services unit and some of its overseas divisions...
...there are no signs that the big Citi sale will end anytime soon. The bank still owes the government $45 billion from this past year's financial-rescue effort, and Citi executives said the bank would like to repay the government soon. Last June, in an unusual move, Citi hired investment banker James von Moltke for the sole job of heading the bank's corporate-disposal effort...
...that didn't make its intentions clear enough, earlier this year Citigroup publicly identified a number of businesses that it would like to get rid of. Among those that are still left are its insurance division Primerica and a home-loan business, CitiMortgage. At the time, Citi said it would like to hold on to much of its retail and corporate bank. A Citi spokesperson says that continues to be the bank's plan. In July, CEO Vikram Pandit told financial-news outlet Bloomberg that the bank is "moving extremely fast" on asset sales. He said the bank had already...
...these days it looks like much more is on the block at Citi than the bank is letting on. Citi is reportedly considering a plan to either sell off or close a number of its retail branches. At just over 1,000, Citi has a much smaller branch network than its rivals. Bank of America, for example, has 6,000 branches nationwide. Citi is reportedly considering closing or selling its bank branches in cities such as Boston, Philadelphia and other areas of the country where it does not have a significant presence. Citi has denied any such intention.(See pictures...
...Then there is Phibro. Based in Westport, Conn., the unit was originally included among the businesses that Citi wanted to hang on to. And for good reason: Phibro has been profitable every year since 1997, averaging a gain of nearly $400 million a year for the past half-decade. But earlier this year, it was revealed that the head of that unit, Andrew Hall, had been paid $100 million for his work in 2008 and was set to get a similarly large check for 2009. Citigroup is subject to government-imposed pay caps as a term of the financial...