Sector Snap: National Banks shares climb

NEW YORK - Shares of national banks mostly rose Friday, though Citigroup Inc. shares slipped after the company disclosed that it plans to shed nearly $500 billion in assets.

Citigroup fell 11 cents to $24.19 in early afternoon trading, on the day Chief Executive Vikram Pandit laid out the company's future plans to investors and analysts during a presentation. Citigroup plans to wind down its $2.2 trillion in assets to about $1.7 trillion as it sheds noncore operations.

As it divests or shutters assets during the next few years, it also plans to grow revenue by 9 percent. Much of the revenue improvement will come from cutting costs, including further job reductions.

Meanwhile, shares of Wachovia Corp. rose 7 cents Friday to $27.90 after it said Chief Executive Ken Thompson has been stripped of the title of chairman in a move that separates the top management position from the top oversight role. The move comes two weeks after shareholders called for his ouster at the company's annual shareholder meeting.

Lead independent director, Lanty Smith, will take over the title of nonexecutive chairman.

Among other national banks:

Shares of Bank of America Corp. fell 41 cents to $36.92.

Shares of JPMorgan Chase & Co. rose 6 cents to $46.11. JPMorgan's planned acquisition of Bear Stearns Cos. is set to be voted on by Bear Stearns shareholders May 29.

Shares of Wells Fargo & Co. rose 9 cents to $29.47.

Washington Mutual Inc. shares rose 13 cents to $10.55.

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