The Breaking Of Citi

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Citigroup is still reeling from the subprime mortgage crisis and the credit crunch. Although newly minted chief executive Vikram Pandit has so far resisted calls to break up the financial behemoth, the bank is breaking-up anyway. It's just doing it in bits and pieces.
Today Citigroup announced it is shuttering 32 branches of its Japanese lending unit, CFJ KK. It is also shutting down 540 unmanned automatic loan machines over the next 12 months. We have no idea what an "unmanned automatic loan machine" might be but it sounds like a very bad idea. And, on the other side of the original Axis of evil, Citigroup is reportedly hoping to quickly sellits German consumer-banking unit Citibank Privatkunden AG.
Oh, and they're also pulling out of the UK mortgage market. Today Egg, an internet-only bank owned by Citigroup, said it is pulling out of the UK mortgage market from today. And, most recently, Reuters is reporting that Citi received the first round of bids for its $7 billion Primerica Financial Services, the group that handles insurance and mutual fund sales.

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