Citi Buys Highway After Exiting Road to Ruin

Separately, media reports over the weekend said that Citi plans to sell its Japanese trust banking unit.

The bank plans to begin tender offers next week to determine the buyer of NikkoCiti Trust and Banking, its trust banking operation in Japan, for about 40 billion yen ($416.7 million), the Nikkei business newspaper reported.

Citi also plans to cut jobs through early retirements at its Japanese brokerage unit Nikko Cordial Securities, and to further trim its Japan operations, the Nikkei said. The bank said earlier this month it planned to cut 53,000 jobs, on top of 22,000 cuts previously announced.

A Citi spokeswoman declined to comment on the Japanese unit sale on Monday.