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Lost Citi?

Wells Fargo priced its secondary in about 24 hours. Bank of America did it in two days. But it has taken Citigroup nearly a week to complete its capital raise, and over that time, shares have fallen 13%. That has some investors calling for CEO Vikram Pandit's head.

"He's been successful at three things," said William Smith, President of SAM Advisors LLC."Destroying shareholder value, decimating morale, and cost cutting."

Once the offering is done, industry watchers say there could be about 30 billion outstanding Citigroup shares - an astounding number that has some thinking a reverse split could be in the offing.

"After this deal is done and the TARP payback is complete, Citi already has board authorization until 6/30 for a reverse split," said Gary Kaminsky, former Neuberger Berman managing director. "You'll likely see a one-for-ten reverse split."

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