Citigroup Sells Credit Card Portfolio

"Citigroup and General Electric had been in off-and-on talks for more than a year after the bank announced plans to shed the troubled credit card portfolio as part of a broader restructuring plan in 2009. Under pressure from regulators, Mr. Pandit announced that Citigroup would sell its prized brokerage unit, drastically shrink its balance sheet and exit several money-losing business like private-label credit cards. But he struggled to find a buyer."