Their new (started last December) CEO has announced a restructuring, with the standard quote about getting back to “core” businesses.

Ultimately, Citigroup said it would get rid of roughly $500 billion in so-called legacy assets that currently make up about 22% of the company. Given the current market conditions, the company said it expected to wind down those assets to less than $100 billion over the next two to three years.

This is more than a refocus, this is going to be a significant amount of losses in order to raise capital and to get out of losing business.

Of all the really big banks, Citi is the one that I am least confident in.