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RPT-Citigroup considers $400 bln of asset sales -FT

Thu May 8, 2008 9:10pm EDT

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NEW YORK, May 8 (Reuters) - Citigroup Inc (C.N) will identify on Friday as much as $400 billion in non-core assets that could be sold as part of a cost-cutting effort, the Financial Times reported on its Web site on Thursday.

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FT.com, quoting people close to the situation, reported that the asset sell-off was likely to take years and some of the non-core holdings may never be sold.

The report also said that at Friday's meeting with analysts, Citigroup Chief Executive Vikram Pandit would confirm his pledge to cut Citigroup's cost base of more than $60 billion by about 20 percent. (Reporting by Paul Thomasch; Editing by Braden Reddall)

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