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.
Subscribe to: Post Comments (Atom)
Post a Comment