Citigroup will on Friday identify as much as $400bn in non-core assets that could be sold as part of plans to reduce costs and restore profit growth to double-digit rates, according to people close to the situation. At a long-awaited meeting with Wall Street analysts, Vikram Pandit, Citiâs chief executive, also plans to confirm his pledge, first disclosed in the Financial Times, to cut Citiâs cost base of over $60bn by about 20 per cent. Despite his desire to prune Citiâs balance sheet aggressively, Mr Pandit will use the meeting to rebuff calls for a break-up of the company, say sources familiar with his thinking. They say he will defend Citiâs âuniversal banking modelâ combining consumer and wholesale banking. Mr Pandit is likely to say that about 20 per cent of Citiâs $2,000bn-plus balance sheet consists of âlegacyâ assets â entire businesses or trading positions outside its core businesses in commercial, consumer and investment banking. The sale of the assets is likely to take years, and some of the non-core holdings may never be sold, according to people close to the situation. Nevertheless, Mr Panditâs decision to classify such a large portion of the balance sheet as non-core highlights his determination to root out underperforming businesses. Under Mr Pandit, who took over in December after the departure of Chuck Prince and other top executives, Citi has sold several peripheral units, including its leasing business and its Diners Club charge card network. It has been reported to be looking at the sale of Primerica, a seller of life insurance and investments. http://www.ft.com/cms/s/0/068c27a0-1d40-11dd-82ae-000077b07658.html?nclick_check=1 "Legacy" assets...LOL !!