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   From: nobody@mixmaster.it   
      
   Citigroup, one of the U.S. banks hardest hit by the global   
   credit squeeze, continued to sell off piece parts this week in   
   an effort to shift the bulk of its focus onto core banking   
   operations.   
      
   In the latest deal, Citi said it had reached an agreement with   
   Indian IT outsourcing company Wipro Technologies under which   
   Wipro will acquire Citi's tech services unit for $127 million.   
   As part of the deal, announced Tuesday, Wipro will provide a   
   range of IT services to Citi for six years for at least $500   
   million.   
      
   "This transaction is consistent with our efforts to improve our   
   operating leverage while we focus on our core banking   
   competencies," Citi chief administrative officer Don Callahan   
   said in a statement.   
      
   An undisclosed number of employees of India-based Citi   
   Technology Services, as the bank's IT services arm is formally   
   known, will join Wipro.   
      
   Citi executives hinted that the deal signals a plan to rely more   
   heavily on offshore services in an effort to cut costs. Indian   
   programmers are generally paid less than half of what their   
   American counterparts earn.   
      
   "This partnership enables Citi to leverage Wipro's expertise in   
   information technology services where we have significant plans   
   for driving higher efficiencies by leveraging the global   
   delivery model," said Citi CTO Marty Lippert.   
      
   In October, Citi reached a deal to sell its business services   
   unit, Citigroup Global Services, to India's Tata Consultancy   
   Services for $505 million. The unit provides call center   
   operations management and other services to Citi's worldwide   
   operations.   
      
   The pact includes an arrangement for TCS to provide business   
   services to Citi for 10 years for $2.5 billion.   
      
   Earlier this month, Citi announced completion of the sale of   
   Citibank Privatkunden AG & Co. KGaA, its German retail banking   
   operation, and a number of affiliates to French bank Credit   
   Mutuel-CIC, for about $6.6 billion.   
      
   In its most recent quarter, Citi reported a net loss of $2.8   
   billion, or 60 cents per share. Citigroup shares were off 1.63%   
   to $6.64 in late-morning trading Tuesday.   
      
      
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