Suffering huge losses tied to flagging mortgage and credit markets, Citigroup Inc. yesterday revealed its plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually.  

The New York based banking giant, Citigroup that has been divesting its businesses and raising billions of dollars of capital in recent months, stated that it aims to increase revenue by 10 percent annually and produce annual earnings of at least $20 billion.

The Plans were revealed by the Citigroup's new chief executive, Vikram Pandit and his senior staff members during a much-anticipated presentation to investors and analysts in Midtown Manhattan.

Citigroup lost nearly $15 billion in the last two quarters, and has suffered more than $45 billion of write-downs and credit losses since last summer, as the housing slump deepened, subprime mortgages imploded and credit markets tightened. More jobs will be cut, on top of 13,200 announced this year. Citigroup shares were down 60 cents, or 2.5 percent, at $23.70 in afternoon trading on the New York Stock Exchange.