Citigroup seeks sale amid stock drop
Business First of Louisville
Officials with financial giant Citigroup Inc. are considering the sale of parts or all of the company, according to a Wall Street Journal report.
The report, which cited unnamed sources, said officials began preliminary discussions about a possible sale as the company’s stock has fallen in recent weeks.
In early trading Friday, the company’s stock (NYSE: C) traded below $5 per share, compared with its 52-week high of $35.29 per share.
The New York-based company has reported four straight quarterly losses — one of them reaching $2.8 billion.
The news of a potential sale comes just days after the company announced it will soon eliminate about 53,000 more jobs as part of its wide cost-cutting efforts. Earlier this month the bank announced another 10,000 job cuts and said it would raise credit-card interest rates for many of its customers.
Citigroup said Monday, Nov. 17, that after the cuts its staff will be 20 percent smaller from the end of 2007, when it had about 375,000 employees. Expenses will be reduced by 20 percent as well, the bank said.
Citigroup has about 1,500 employees at its call center operation in Louisville.
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