BUSINESS

U.S. Is Said To Agree To Raise Stake In Citigroup

03/29/2009 05:12 am ET | Updated May 25, 2011

The Treasury Department reached a deal late Thursday to take a stake of 30 to 40 percent in Citigroup as part of a third bailout of the embattled bank, according to people close to the deal.

Vikram S. Pandit, the chief executive, will remain at the helm, but Citigroup will have to shake up its board so that it has a majority of independent directors, a move that federal regulators had already been pursuing.

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