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Citigroup mulls up to $400 bln asset sales: source

NEW YORK
Thu May 8, 2008 9:28pm EDT

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A man walks past the Citibank building in San Francisco, California April 30, 2008. REUTERS/Robert Galbraith

NEW YORK (Reuters) - Citigroup Inc (C.N) will present as much as $400 billion of "non-core" assets that can be sold by the bank when it meets with investors and analysts on Friday, a person familiar with the situation said.

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Newly-installed Chief Executive Vikram Pandit, scrambling to slash Citi's costs and assets hard hit by the credit crunch, also intends to reaffirm his promise to cut annual expenses by about 20 percent, the source told Reuters on Thursday.

(Reporting by Joseph A. Giannone; editing by Carol Bishopric)
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