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Citigroup aims to shed $400 billion of assets (Reuters)

Citigroup CEO Vikram Pandit in a file photo. Citigroup said Friday that it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets. (Peter Morgan/Files/Reuters)Reuters - Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.





Countrywide falls on worry over B of A merger (Reuters)

A Countrywide branch location is seen in Burlington, Massachusetts May 5, 2008. (Brian Snyder/Reuters)Reuters - Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender.





Mortgage credit losses could total $500 bln: Goldman (Reuters)

A foreclosed home is seen in Chicago January 28, 2008. (John Gress/Reuters)Reuters - Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm.





AIG sees no signs of mortgage asset market rebound yet (Reuters)

An AIG sign is seen on an office building in Los Angeles, California May 8, 2008. (Fred Prouser/Reuters)Reuters - American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market for mortgage assets, which have cost it dearly over the past two quarters.





ALL BUSINESS: Government-backed housing bailout badly needed (AP) AP - A government-backed mortgage bailout is needed, and it must be done right away.


On Wall St: The elephant in the room (FT.com) FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail.


Citigroup to shed nearly $500B in assets (AP)

In this undated file photo provided by Citigroup Inc., CEO Vikram Pandit is shown. Citigroup Inc. on Friday, May 9, 2008 said it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets.  (AP Photo/Citigroup, file)AP - Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review — but only after shrinking the company by about one-fifth first.





Citigroup to slash $400 bln in assets (AFP)

A pedestrian walks by a Citibank office in San Francisco. US banking giant Citigroup has said it plans to shed about 400 billion dollars in assets over the next two to three years as it tries to recover from the subprime mortgage crisis.(AFP/Getty Images/File/Justin Sullivan)AFP - Citigroup, the US bank hardest hit by the subprime mortgage crisis, said Friday it plans to slash its assets by some 400 billion dollars over the next two to three years.





Citigroup targeting 9 percent revenue growth (AP) AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets.


US House-approved mortgage crisis bill faces veto (AFP)

A foreclosure sign seen in Stockton, California. The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto(AFP/Getty Images/File/Justin Sullivan)AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto.





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