Word: sales
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Dates: during 2000-2009
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Citigroup, in an effort to improve its bottom line and repay the government, has put a "For Sale" sign on numerous pieces of its business, downsizing what once was the nation's largest bank. Citi's executives are taking a decidedly different tack in trying to rescue their firm than their competitors, and some analysts question whether the downsizing alone will be enough to turn around the bank...
...winding down of Citi Holdings [the units Citi has said are for sale] won't create enough gains to pay back the government," says bank analyst Ed Narjarian of ISI Group. (See pictures of TIME's Wall Street covers...
...latest indication that Citi is for sale came on Oct. 9. The bank sold its Phibro commodities-trading unit to energy and chemical giant Occidental Petroleum. Oxy Pete will pay $250 million for the unit, which specializes in oil and gas trading. Phibro is not a huge business for Citigroup. But it was one of the few businesses that continued to make money for the giant bank during the credit crisis. Phibro and Citi's global payment-processing business have long been seen as two areas in which the bank outperforms its competitors. Now one of Citi's profit jewels...
...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...