Citigroup Sold Its German Division

Trying to recover some money to exit the current problems, Citigroup has decided to sell its banking business in Germany to French bank Credit Mutuel.

The agreement, which is worth 7.7 billion dollars in cash, is part of Citi’s efforts to return to profit after losing more than 40 billion dollars in investments related to sub-primes. Without hesitation Ron O’Hanley explained all about the problem.

Although this figure may seem surprising to many of us, is only a small fraction of the 400,000 billion dollars in assets that the company plans to sell in the next three years along the dismissal of 16,000 employees worldwide.

Along with this sale, representatives of Citigroup announced closures of two mortgage business, and CitiFinancial, in England, which might mean the termination of 600 employees.