Jan 16, 2009

Business - Citigroup to split into two units after huge losses

Citigroup, the embattled US banking giant, said on Friday it would split the company into two separate businesses in a bid to restore profitability after posting a larger than expected fourth-quarter loss.

"Today, we announced that we would separate the company, for management purposes, into two separate businesses -- Citicorp and Citi Holdings," said Vikram Pandit, Citi chief executive.

"We are setting out a clear roadmap to restore profitability," he said.

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