Big asset sale coming at Citi?
Get ready for more drama at Citi (C). The big bank will finally unveil its new strategy in a meeting with analysts and investors Friday, Fortune’s Carol Loomis writes. The bank will identify $400 billion in assets that it wants to sell as part of a cost-cutting plan, the Financial Times reports. The FT, citing sources familiar with Pandit’s thinking, says the CEO will use Friday’s meeting to rebuff calls for a breakup of the company, which has taken $34 billion in writedowns since the mortgage mess started to unravel last summer.
The report prompts Yves Smith at Naked Capitalism to offer a conditional endorsement of Pandit’s efforts. “From the outside, Pandit appears to be moving methodically but with sufficient speed to tackle the megabank’s problems,” she writes. But Michael Shedlock, a longtime Citi critic, says the asset sale plan smacks of desperation. “The amazing thing is Citigroup clinging to a dividend it cannot afford,” he writes. “Exactly what is a sale of 20% of the company other than a breakup?”
- BofA sees consumers under pressure
- HP confirms EDS deal
- Toll laments homebuyers’ ‘lack of confidence’
- AIG pays the price for $11.9 billion
- HP investors ride Hurd on EDS report
- EDS thunders higher on HP deal report
- IndyMac tempers optimistic view
- Sprint subscribers still fleeing
- MBIA loses $2.4 billion
- Fuel prices flatten FedEx
- No sympathy for home builders! You g... More
- Toll brothers are very greedy and no... More
- Bottom line is the homes are still to... More
- What a completely idiotic article. O... More
- “We are looking for deals in most m... More
- Lets take a look at the two statement... More
- Okay, I am guilty as charged, I buy a... More
- Once a person signs with Toll they ar... More
- hey Deb from Charlotte... Verizon Wi... More
- It is ironic to me the amount of host... More
- Accrued Interest
- Aleph Blog
- Bespoke Investment Group
- Big Picture
- Calculated Risk
- Dealbook
- Econbrowser
- Felix Salmon
- Financial Armageddon
- Footnoted
- FT Alphaville
- Infectious Greed
- Naked Capitalism
- RGE Monitor
- Seeking Alpha
- Information Arbitrage
- Mish's Global Economic Trend Analysis
- Fortune on CNNMoney.com



