In a bid to stabilize its postion and reassure the markets, Citigroup has agreed to have the Government
restructure its board of directors to include more independent members. Last year, in a bid to cut costs, the
bank slashed over 50,000 jobs and in January, Citigroup was split into 2 separate entities. These 2
businesses would help in better management. Citicorp, one of the bodies, would continue to manage the
traditional banking work of the company while the Citi Holdings business branch would specifically handle the investment assets of the firm that are considered the riskiest. Some of the stocks owned by the Government are to be
converted to common shares.

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Posted by Shue on April 26th, 2009 :: Filed under Citygroup
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