Citigroup to reduce size of its business
2008-05-10 HKT 03:48
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One of the banks worst hit by
the international credit
crisis, Citigroup, has
outlined plans to dramatically
reduce the size of its
business. It wants to dispose
of assets worth about
four-hundred-billion dollars
in what correspondent say
appears to be a plan to sell
off less profitable parts of
its operation. Citigroup is
also likely to reduce the
amount of money owed to the
bank by not extending more
credit as loans to the bank
are paid off.
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