Citigroup targets shedding $400 billion assets : US Business

NEW YORK (Reuters) - Citigroup Inc on Friday said it intends to shed $400 billion of assets over the next two to three years, in a drive to become more efficient.

In slides posted on the largest U.S. bank's web site, Citigroup said it has about $500 billion of "legacy assets." It said it expects to reduce this amount to less than $100 billion within two to three years.

Citigroup also said it is targeting annual net revenue growth of 10 percent from core operations. It said this includes increases of 7 percent from card operations, 8 percent from consumer banking, 9 percent from both securities and banking and from wealth management, and 14 percent from transaction services.

The bank's executives, including Chief Executive Vikram Pandit, are giving a presentation to investors and analysts on Friday.

(Reporting by Jonathan Stempel, editing by Gerald E. McCormick)

(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.