Citigroup Takes Steps for Turnaround

" Stepping up its efforts to turnaround business so we can try to get out from under the influence of local sale was McDonald joins us now -- city update."

" Elisa with Citigroup is doing -- this is by the way company 27 point seven billion dollars in losses a 118 billion dollars in writedowns since the credit crisis began. -- US taxpayers 45 billion dollars. It's basically dismantling. -- sandy Weill era and to -- it really isn't and of an hour at Citigroup what's going on here so let's take you. Through -- spinning off the twelve billion dollar Primerica unit. Guys this -- the door to door out at that beef is sold like insurance mutual funds."

" They're really launching the fourteen billion dollar Citi alternative investments such a hedge fund units medical city advisers it thirty sold off half of the Smith Barney brokerages. Brokerage."

" And there -- 617. Billion dollars in assets that's out of one point nine trillion dollars because that's equivalent to the sides of GE capital. Today they sold 300 billion so it's kind of slow going here at city group. Basically one guy one insider that -- the bank told me it's sort of like the competitors running with flea markets and every passing by at the flea market does nobody wants -- on his table. But -- they're trying to move their -- get profits up so profits coming in how thin and weak at Primerica. Maybe this was a good move sandy Weill had bought Primerica in 1988 for one. Point seven billion dollars so versus what you know compared to what they need to make Willie IPO work well they get a lot of money -- IPO. We'll return to profitability again still critical questions. More losses expected in coming quarters. Thing -- look like how tiny is it going to be his vision for the bank is to make it bank that caters to rich and affluent people."

" So big compared about it when we know came up from the old lane hedge funds that that's -- vision for the future at Citigroup a high end bank. The line was McDonald's thank you very much delighted."