Citigroup shares tumble fifth straight day
NEW YORK: Citigroup shares tmbled a fifth straight day as CEO Vikram Pandit tried to downplay speculation that the banking giant might sell major businesses to restore its health and investor confidence. The company’s market value fell to $20.5 billion on Friday, which is less than the $25 billion taxpayer-funded injection it received from the federal government,.. and a source familiar with the matter said the bank was mulling options including a merger or a sale of parts of the company.
Citi faces a crisis of confidence as investors question the bank’s survival prospects. The company has been reeling on concerns that mounting losses from credit cards, mortgages and toxic debt could overwhelm its efforts to slash costs and increase deposits.
source: Economictimes
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