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Citigroup is 'considering sale' Uncertainty sends Citigroup lower
(about 3 hours later)
Citigroup, one of America's biggest banks, is considering selling parts of the company, according to reports in the Wall Street Journal. Shares in Citigroup, one of the biggest banks in the US, fell sharply on Friday amid ongoing uncertainty over the company's future.
It is even rumoured to be considering merging with another bank. The stock rose in early trade but later declined 13%, in advance of a board meeting later on Friday.
Citigroup's shares have lost half of their value this week as concerns about its financial viability grow. The Wall Street Journal reported that Citigroup was considering selling parts of the firm. There are also rumours it might merge with another firm.
Earlier in the week the firm announced 52,000 job losses worldwide.
These cuts came on top of previously announced reductions of 23,000 positions.
The total 75,000 job cuts represent a cut of about 20% of its staff, leaving it with 300,000 jobs worldwide "in the near term".
Shares in the firm have fallen sharply since the start of the year and are trading more than 80% down since January.
Saudi Prince Al-Waleed Bin Talal's decision to buy about $350m (£236m) of its shares on Thursday did not calm investors' nerves.Saudi Prince Al-Waleed Bin Talal's decision to buy about $350m (£236m) of its shares on Thursday did not calm investors' nerves.
Citigroup shares continued their downward slide, losing more than a quarter of their value on Thursday. Investors are worried that future losses could threaten the bank's future. But the firm insisted on Thursday that it had "very strong capital and liquidity position and a unique global franchise".
Despite this, officials have said the company has "ample capital, funding and strategic direction". Investors are worried that future losses could threaten the bank's future.
Cuts 'Bloodletting'
Citigroup has lost more than $20bn in the past year because of the global financial crisis.Citigroup has lost more than $20bn in the past year because of the global financial crisis.
Earlier this week, the bank announced plans to make 52,000 new job cuts in addition to the 23,000 cuts already made this year.
The 75,000 job cuts represent a reduction of about 20% of its staff.
Despite the sweeping job losses, the bank has maintained that its underlying business "remains strong and revenues have been stable".Despite the sweeping job losses, the bank has maintained that its underlying business "remains strong and revenues have been stable".
Other financial services companies will cut jobs in the near future according to Brian Sullivan, chief executive officer of executive search firm CTPartners.Other financial services companies will cut jobs in the near future according to Brian Sullivan, chief executive officer of executive search firm CTPartners.
"The bloodletting in the financial-services industry will accelerate in coming months, with job cuts doubling to about 350,000 worldwide by mid-2009," said Mr Sullivan. This figure is equivalent to 20% of the global workforce at financial companies before the credit crisis began, he said."The bloodletting in the financial-services industry will accelerate in coming months, with job cuts doubling to about 350,000 worldwide by mid-2009," said Mr Sullivan. This figure is equivalent to 20% of the global workforce at financial companies before the credit crisis began, he said.
Meanwhile, Citigroup's chief executive, Vikram Pandit, has come under increasing pressure from critics who doubt his ability to turn around the company and survive the financial crisis.Meanwhile, Citigroup's chief executive, Vikram Pandit, has come under increasing pressure from critics who doubt his ability to turn around the company and survive the financial crisis.
The bank has reported four straight quarterly losses and some analysts believe the bank will not return to profitability until 2010.The bank has reported four straight quarterly losses and some analysts believe the bank will not return to profitability until 2010.
It is one of nine financial institutions receiving funds from the US government's bail-out programme.It is one of nine financial institutions receiving funds from the US government's bail-out programme.