Citigroup will cut hundreds of jobs, make name change

Citi split into two segments last year, Citicorp and Citi Holdings, of which CitiFinancial is a part. 

CEO Vikram Pandit has been trying to sell off the components of Citi Holdings — which had $547 billion in assets at the end of last year — since January 2009, shortly after receiving a $45 billion bailout in 2008.

Citigroup repaid $20 billion in bailout funds in December and converted the remaining $25 billion into stock, which gives the Treasury Department a 27 percent ownership stake in the company. 

The U.S. division will still have 1,321 full-service branches, with CitiFinancial expecting to keep at least one full-service branch or servicing center in every state, McDowell said.