Citi Having Trubs Selling Trash-tastic Assets

Author:
Publish date:
Updated on

Not really a big deal, considering that the pawn shop scrilla will be enough to right the ship and then some, but for the haters (Meredith Whitney) in need of fresh tracks:

Citigroup's quest to raise cash by selling the assets it doesn't want is falling flat, as would-be suitors have more interest in the parts of the business that Citi would like to keep.
[...]
Problem is, the old Golden State assets and Banamex have been ring-fenced into Citi's so-called good bank, Citicorp, which contains assets and businesses that the hobbled banking giant wants to keep.
Meanwhile, the assets that make up Citi's so-called bad bank, businesses that are seen as non-core and are at the heart of a strategy to raise much-needed capital, are garnering little interest, investment bankers told The Post. The assets include CitiFinancial, CitiMortgage and Primerica, which has been for sale for more than a year.
Sources said those businesses aren't drawing buyers because they are in sectors that face the strongest headwinds these days.


Citi Assets Flop
[NYP]

Related