NEW YORK, May 9 -- Citigroup said Friday it would shed about $400 billion in real estate, loans and other assets over the next few years as it tries to return to profitability after huge losses in the mortgage and credit markets.

NEW YORK -- Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review _ but only after shrinking the company by about one-fifth first.

NEW YORK (Reuters) - Citigroup Inc (C.N), hard hit by the global credit crunch, is expected to present plans to sell roughly $400 billion of extraneous assets when it meets with investors and analysts on Friday, people familiar with the situation said.

NEW YORK (Reuters) - Citigroup Inc will present plans to sell as much as $400 billion of extraneous assets when it meets with investors and analysts on Friday, a person familiar with the situation said.

NEW YORK (Reuters) - Investors fear that Citigroup Inc's (C.N) sale of $4.5 billion of shares, combined with a $6 billion preferred stock sale last week, signal the bank is likely to face more write-downs in the future and may need to raise even more capital.

Citigroup's billions in losses could have been worse, so the Dow surges. But with recession likely, some investors question the market's resilience. Stocks powered ahead Friday, lifting the Dow index to a three-month high on growing optimism that the worst of the credit crisis is past.

With Citigroup's loss narrower than feared and other big firms boosting profits, the Dow jumps 228 points. Major indexes gain for the week. The stock market rallied sharply Friday, capping its best week since February, after an array of companies posted results that topped analysts' estimates.

NEW YORK -- Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost-cutting mode.

Citigroup, a leader of the nation's banking system, reported a loss of $5.1 billion for the first three months of the year and announced it would be laying off an additional 9,000 employees, as problems in the housing market continued to roil the country's major financial companies.

NEW YORK (Reuters) - Citigroup Inc (C.N) posted its second straight quarterly loss on Friday, hurt by more than $16 billion of write-downs and costs related to credit losses, and said it will cut another 9,000 jobs.