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'Frustrated' Citigroup chiefs mull sale

Citigroup - Shares have lost 70%
Citigroup - Shares have lost 70%

Top executives at US financial giant Citigroup are considering the sale of all or parts of the company, according to a report on the Wall Street Journal's website.

The report said the debate within the company was at a 'preliminary stage', and officials said the company has enough capital and funding.

The sale option is one of a range of options company executives were considering after Citigroup stock fell another 26% on Thursday, after a 23% drop on Wednesday.

Citigroup, a component of the Dow Jones Industrial Average, has tumbled more than 70% since the start of the year, with the bank hit by hefty write-offs linked to the US property crisis.

Chief executive Vikram Pandit and other company executives have told colleagues they are frustrated and confused by this week's 50% stock decline, the WSJ report said.

Thursday's stock price fall came despite Wednesday's announcement by Saudi Arabian investor Prince Alwaleed bin Talal bin Abdulaziz Al Saud that he would increase his stake to 5%, adding that he supports the banking giant's management.

Citigroup announced on Monday that it was slashing 50,000 jobs worldwide to cope with the global financial crisis and heavy losses. At its peak last year, the company employed 375,000 people.