The latest word is Citi, while no doubt exploring a lot of possible asset sales, intends to hang onto Banamex, its Mexico-based consumer unit. But Zack's notes that CEO Vikram Pandit just might be forced to change his mind. If the government were to end up with 40 percent of the common--and it's looking more like this will happen--Citigroup could be required to apply for new charters in some countries.

Some governments may decide to deny Citigroup a charter simply because it doesn't want to allow the U.S. government to establish a banking foothold. And that might force Citigroup to sell some units that it would rather not.

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