Citigroup officials look to HP for advice: report

NEW YORK (Reuters) - Citigroup Inc (C.N) is seeking advice from Hewlett-Packard (HPQ.N) on how the ailing bank can improve its fortunes, drawing on the IT firm's encounter with similar trouble in the past, the Financial Times reported on Tuesday.

Citigroup's top officials have been talking to their counterparts at HP, the FT said, citing people familiar with the talks. The talks have focused on IT issues and general strategy, the report added, quoting people close to the situation.

HP faced several problems with its business around 2005 -- its PC business showed signs of weakness and its stock started suffering. Its then-Chief Executive Carly Fiorina was replaced by Mark Hurd, under whose leadership HP saw a sharp revival in its stock price built on solid market-share gains.

Now officials at Citigroup, being led by Vikram Pandit, are seeing similarities between the situation at the ailing bank now and that at the IT company then, the report said, citing people close to the situation.

Though Citigroup reported a $5.1 billion quarterly loss last week, investors seem to hope that Pandit is taking steps to eliminate credit problems, cut expenses and get the bank back on track.

HP and Citigroup were not immediately available for comment.

(Reporting by Aarthi Sivaraman, editing by Will Waterman)