Citi to Shed $500B in Assets; Argent Trimmed

Six weeks after announcing its intention to pare $45 billion in mortgage assets, Citigroup said Friday that it will shed $500 billion in assets overall. No details were given at deadline time. The sales were expected to occur in "nonlegacy" businesses outside Citi's core consumer franchise, but also might entail more mortgage-related cuts. Meanwhile, Citigroup said May 7 that it would close mortgage offices in Orange and Irvine, Calif., eliminating 419 jobs, as part of a previously announced consolidation of its home lending businesses amid the housing and credit crisis. According to The Orange County Register, Citigroup is shutting down most of Argent Mortgage, which it bought from billionaire Roland Arnall last year. (Mr. Arnall died this spring.) Overall, Citi is cutting 1,860 jobs nationwide and keeping just 70 sales positions.