Citi restructures, breaks out cards as new unit |
| MarketWatch - Mar 31, 2008 |
Banking giant Citigroup on Monday unveiled a sweeping restructuring of its global business into three regional units, and said it's breaking out its as the bank wrestles to gain control of its very diverse operations amid the global credit crunch. Some observers have suggested the firm, with its broad reach and various businesses is too large to manage as it is.
They have suggested that Citi might break itself up and spin off some businesses, and Monday's moves, particularly splitting up the consumer business are likely to rekindle that discussion.
Citi has been one of the firms hardest hit by the continuing market turmoil. The shares have lost more than half their value -- as well as a chief executive -- as it reported huge write downs for soured mortgage investments and unsellable loans to buyout firms.
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- Posted: 2008-03-31 08:48:04
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