Hit by financial crisis, Citigroup looks for partners

New York: Citigroup Inc, once one of the biggest banks in the US is fighting hard to survive, and is looking for investment partners.

According to sources the possible partners for a merger could include Morgan Stanley, Goldman Sachs or State Street Bank.

Citigroup's board will meet shorty to discuss the future course of action.

The bank's on Thursday stock plunged below $5 a share for the first time in 15 years.

Even the news that Citigroup's largest individual shareholder, Saudi Prince Alwaleed Bin Talal, planned to increase his stake to five per cent did not help.

So far this year, Citigroup stock is down 83 per cent.

Investors are also questioning the bank's ability to handle potential credit losses and writedowns in 2009.

Meanwhile, CitiGroup India has neither denied nor confirmed reports about plans to cut 1000 jobs in India.

"We have said before that we are expecting only minimal impact for India. We continue to hire for the business, especially on campuses where we remain very active," the company said in a statement.

Earlier this week, Citigroup unveiled plans to cut its staff levels by nearly 52,000 in an attempt to reduce expenses.

There has even been talk that changes could come at the top of the organisation although the company has strenuously denied such speculation.

Citigroup’s CEO for South Asia Sanjay Nayar has already quit with Mark Robinson taking his place.