Of course, there is no list -- not at least a public one -- so the rumors of a Smith Barney disposal probably won't go away. The first asset to get the heave-ho is a private equity unit in Japan called
Nikko Antfactory. However, the disposal may in fact have little to do with Citi's
$5.1 billion dollar loss last quarter, as the sale of the PE unit is being attributed to a U.S. banking law that would limit control over the firm.
Meanwhile, at last night's meeting, shareholders
vented their frustration, but re-elected all 14 directors. The banking giant also announced it will slash 9,000 jobs and raise $6 billion in an offering.
"As
we move into the second quarter and beyond, we will continue to divest
nonstrategic assets and allocate capital to the products and regions
that will drive increased revenues, enhance the value of our franchise
and ultimately, maximize shareholder value," said CEO Vikram Pandit at the
meeting. -
Maria Woehr
Looks like Citigroup Inc. is in a hurry to shed some of its noncore assets after Tuesday night's shareholder meeting, but so far, Smith Barney isn't on the list. 
