Citigroup Inc. said Friday it aims to shed about $500 billion in
assets and grow revenue by 9 percent over the next few years, as it
tries to rebound from massive losses tied to deterioration in the
mortgage and credit markets.The plans are the most concrete yet
by Vikram Pandit, nearing his five-month anniversary as the bank's CEO,
to prove himself a capable turnaround specialist at a company that many
claim was struggling long before the housing market collapse.The
bank's plans to wind down its $2.2 trillion in assets to approximately
$1.7 trillion were part of an investor day presentation at one of
Citigroup's Manhattan offices.These so-called "legacy assets"
included yet-to-be-named noncore businesses, as well as assets in
Citigroup's securities and consumer banking segments, including
mortgages and other real estate-related holdings. ...
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