May 10, 2008	Saturday	Jamadi-ul-Awwal 4, 1429

NEW YORK, May 9: Citigroup, the US bank hardest hit by the subprime mortgage crisis, said on Friday it plans to slash its assets by some $400 billion over the next two to three years.

The banking giant made the disclosure in slides posted on its website that cover the presentation it was making to investors and analysts on Friday.

Citigroup noted that the vast majority of the assets to be shed are within its consumer banking and securities banking operations, 63 per cent and 34 per cent, respectively.

The assets disposal would represent about 20 per cent of the company’s total assets of $2.2 trillion.

The bank said it wanted to focus on stability and growth, citing its unique global presence and a “large footprint in the fastest-growing areas in the world.”

The financial services colossus said it was targeting net revenue growth of around 10 per cent for its core operations within a two- to three-year timeframe.

Citigroup broke down this outlook, saying it was targeting net revenue growth of 9.0 per cent for its global wealth management business and 7.0 per cent for its global credit card business.

The bank also targeted revenue growth of 8.0 per cent for its consumer banking business, 9.0 per cent for its securities and banking business and 14 per cent for its transaction services business.—AFP