Citigroup not seeking government aid -- source

Thu Nov 20, 2008 5:00pm EST
 
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NEW YORK, Nov 20 (Reuters) - Citigroup Inc (C.N) is not seeking government aid at the moment, a person close to the bank said on Thursday.

The bank's shares lost more than a quarter of their value on Thursday, prompting speculation the government may have to intervene to prop up what was once the world's largest bank by assets.

But Citigroup is not seeing any unusual client activity now and is not seeking additional aid from the government in any form. The bank received $25 billion of funds from the government in October under the Troubled Assets Relief Program, but does not expect to seek more TARP money. (Reporting by Dan Wilchins and Jonathan Stempel)

 
Kenneth Griffin, Founder, President and CEO, Citadel Investment Group LLC, speaks during the "Financial Recovery: When and How?" panel at the 2009 Milken Institute Global Conference in Beverly Hills, California April 27, 2009. REUTERS/Phil McCarten
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