US banking giant Citigroup said Friday 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.
The company made the disclosure in slides posted on its website that cover the presentation it was making to investors and analysts Friday.
Citigroup noted that the vast majority of its assets are within its consumer banking and securities banking operations, 63 percent and 34 percent, respectively.
By type, the company said the legacy assets are 18 percent non-core, 34 percent according to current market value and 48 percent low-return as of the first quarter.
The financial services giant also said it was targeting net revenue growth of around 10 percent for its core operations within a two- to three-year timeframe.
Citigroup broke down this outlook, saying it was targeting net revenue growth of 9.0 percent for its global wealth management business, 7.0 percent for its global cards business, 8.0 percent for its consumer banking business, 9.0 percent for its securities and banking business and 14 percent for its transaction services business.
Shares of the company, a component of the Dow Jones Industrial Average, were up 0.99 percent at 24.54 dollars in early New York trade.
Citigroup's stock is down roughly 17.5 percent since the start of 2008.
On April 18, the company posted a net loss of 5.1 billion dollars for the first quarter and said it would cut an additional 9,000 jobs as it struggles with bad bets on subprime, or high-risk, mortgages.
It was the second quarterly loss for Citigroup, which took a total 13.9 billion dollars in write-downs for the January-March period.
