Citigroup Said to be Considering Sale or Possible Merger

According to a Wall Street Journal report U.S. bank Citigroup is said to be considering selling parts of the company or possibly merging with another financial institution.

Citigroup has become the latest U.S. bank to slide as the global financial crisis continues to devastate the banking industry. Earlier this week Citigroup announced it would be cutting 52,000 jobs, that in addition to the 23,000 cuts it had already made this year represents about 20% of the staff.

After four consecutive quarters of reported losses many are calling on the dismissal of Citigroup's chief executive, Vikram Pandit. Citigroup was one of the nine financial institutions that were part of the $700 billion bail-out package approved by Congress last month.

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