May 9, 2008 8:51AM

Pandit Identifies $500B in Legacy Assets To Unload

By Donna Fuscaldo

Reports said Citi could unload $400 billion in assets, but Pandit took it a $100 billion further. Pandit said Citigroup has identified $500 billion in legacy assets the company will get rid of in an “orderly fashion” in the next few years. That could come in part via asset sales. Pandit said the company could have revenue growth of 8% to 10% over time and called for patience by investors as it’s restructuring and growth strategy plays out. Pandit said the overhaul will be three stage approach with phase one cutting costs, phase two all about restructuring and phase three about growth. Pandit said the stages  could overlap and  early results are likely to be seen.