Citi, State Street Sell Joint Venture

The company has also been struggling to boost its capital levels.

Citi, along with Washington Mutual(WM Quote - Cramer on WM - Stock Picks), Countrywide Financial(CFC Quote - Cramer on CFC - Stock Picks) and investment houses like Merrill Lynch(MER Quote - Cramer on MER - Stock Picks) and Bear Stearns(BSC Quote - Cramer on BSC - Stock Picks), have been some of the hardest hit firms over the credit crunch engulfing the market since last summer.

Countrywide agreed in January to be acquired by Bank of America(BAC Quote - Cramer on BAC - Stock Picks). Bear Stearns agreed in March to be acquired by JPMorgan Chase(JPM Quote - Cramer on JPM - Stock Picks), with substantial help from the Federal Reserve.

Citi posted a loss of $5.1 billion, or $1.02 a share, for the first quarter, after taking $12 billion in writedowns and an additional $3.1 billion in increased credit costs for the period.

Shares of Citi were up 2.2% to $26.57 in recent trading Friday, while State Street stock was down fractionally.

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