NEW YORK -- Citigroup Inc, which said Tuesday it is selling a controlling stake in its retail brokerage business, plans to shed other significant assets and focus on a few main businesses, a person familiar with the matter told Reuters.
The bank has historically looked at selling businesses such as Primerica Financial Services, and could consider selling the unit again, the person said. The bank is under significant pressure from U.S. regulators to shed assets to raise capital.
Selling assets now will be difficult, as the credit crunch has broadly depressed asset values. The Wall Street Journal, which reported earlier Tuesday that Citigroup plans to focus on wholesale banking and retail banking, said the company will sell at fire-sale prices.
Chief Executive Vikram Pandit is expected to announce the new plan soon, possibly when Citigroup reports earnings next week, the source said. Citi declined to comment.
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