|CitiGroup Struggling in California|
|by Tom McGregor||Mon, Apr 21, 2014, 09:33 PM|
California Gov. Jerry Brown has raised taxes and regulations on the Golden State and now Citigroup is seeking to bail out.
According to Reuters, "Citigroup Inc (C.N) is seeking buyers for about 50 branches holding $3 billion (1 billion pounds) of deposits in California as the lender looks to trim its branch network, Bloomberg reported, citing three people involved in the process."
CitiBank attempted to sell off 16 of its Nevada branches, but could not find any buyers.
As reported by Reuters, "The branches, located in rural areas from Sacramento to north of Los Angeles, could sell for more than $100 million, Bloomberg reported."
CitiGroup appears poised for a major freefall.
To read the entire article from Reuters, link here:
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