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Article: Citi Under Prince: Lots Of Capital to 'Redeploy'.
- Article from:
- American Banker
- Article date:
- February 1, 2005
- Author:
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For more than a year Charles O. Prince has been tearing through Citigroup Inc.'s global operations and lopping off units deemed inessential, low-growth, or both.
Life insurance underwriting is the latest to fall out. The $11.5 billion sale of Citi's Travelers Life and Annuity business and most of Citi's international insurance business to MetLife Inc., in a deal announced Monday, would close a chapter and free up $6 billion for Mr. Prince to reinvest.
Since he took over as chief executive from deal maestro Sanford I. Weill in October 2003, Citi has acted more like a seller than a big-ticket buyer.
Last year, in what Mr. Prince called a garage ...