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2008-05-13

In a nearly four-hour presentation with investors and analysts, CEO Vikram Pandit said the bank aims to get rid of $400 billion in noncore assets but otherwise rejected calls to boost the stock by spinning off units.

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Whitney gave Pandit's presentation two thumbs down, saying it was "glaringly light on actual mechanics," and "almost identical to one given by former CEO Chuck Prince about a year and a half ago."

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