Tuesday, 20 January 2009

Citigroup Saga -- Nikko Up For Sale. Next: Brazil

No need to say anything else. A WSJ report this morning says:

TOKYO -- Citigroup Inc. said it has earmarked its Japanese retail brokerage operation, Nikko Cordial Securities, for sale, an abrupt reversal that underscores the severity of the bank's plight.

Citigroup, which revealed an $8.3 billion quarterly loss on Friday, said Nikko Cordial Securities, Japan's No. 3 brokerage in terms of assets, will be categorized as a noncore asset alongside other peripheral or ailing businesses.

Just three days earlier, the U.S. bank had said it wasn't including the Japanese brokerage in the spinoff of its other retail brokerage business, Smith Barney, to Morgan Stanley.

People familiar with the matter ...

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