Citi to sell even more assets

Citi CEO Vikram Pandit made news not too long ago by embracing his company's sheer breadth, which he saw as a golden opportunity--like his storied predecessors. Some were disappointed that he opted against a massive break up. His confidence that he can find synergies, however, does not mean every piece of the empire will be deemed a strategic fit. Indeed, we're in for a slew of asset sales. This is not a break up, but more of a chip away. Some of those chips, however, can fetch quite a lot. Citigroup just sold its German retail banking unit to France's Credit Mutuel for $7.7 billion in cash, earning a post-tax gain of $4 billion. My guess is that we'll see other sales of overseas units. Is Japan next?  

For more:
- here's the AP article on the sale of German retail unit