Results tagged “Vikram Pandit”

CITIGROUP is moving closer to a break-up after the finance giant sold its wealth management business to Morgan Stanley on Tuesday.

The bank’s Smith Barney brokerage unit will merge with Morgan Stanley’s to create a joint venture, providing Citigroup with £1.85billion in the process.

Citigroup is pondering selling itself to a rival bank as senior executives look for ways of securing its future following a dramatic dive in value this week.

Chief Executive Vikram Pandit has called a conference call meeting for this afternoon to try and thrash out a solution to the bank's worsening financial position.

Citigroup plans to reduce its workforce by 52,000 as it prepares to weather choppy financial waters.

The New York City bank told investors on Monday that it aims to trim its worldwide headcount to 300,000 in the near future. Citigroup has already cut 23,000 jobs since the start of the year.