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Citi Reorganizes Following $8 Billion Loss

After a fourth-quarter net loss of $8.29 billion, Citigroup said Friday it is splitting up into two businesses. This is the fifth straight quarterly loss for the financial giant. In Citigroups reorganization, one business, Citicorp, will focus on traditional banking around the world, while the other, Citi Holdings, will hold the companys riskier assets.

After a fourth-quarter net loss of $8.29 billion, Citigroup said Friday it is splitting up into two businesses. This is the fifth straight quarterly loss for the financial giant.

In Citigroup’s reorganization, one business, Citicorp, will focus on traditional banking around the world, while the other, Citi Holdings, will hold the company’s riskier assets.

CEO Vikram Pandit’s move will allow Citigroup to sell or spin off the Citi Holdings assets to raise cash. It also reveals the company’s growing focus on back-to-basics lending and deposit-gathering, and dismantles the “financial supermarket” created a decade ago.

Source:  MSNBC.com,  Citi Posts Huges Loss, Splits Up the Company

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