12/22/2008 05:12 am ET Updated May 25, 2011

Citigroup Stock

Shares of Citigroup continued to spiral lower Friday even as the company's top management was working to take measures to assure the firm's survival.

Executives of the bank met Friday morning to discuss, among other things, the massive plunge in Citigroup (C, Fortune 500) stock, according to a person familiar with the matter. Shares have fallen more than 60% so far this week, including a 25% drop in midday trading Friday.

Both The Wall Street Journal and The New York Times reported late Thursday that board members were considering selling off pieces of the company, or the entire bank itself.

A Citigroup spokesperson would not comment on the reports but the company reiterated its commitment to its previously announced restructuring plan in a statement Friday.

"We are focused on executing our strategy, including our targeted expense and legacy asset reductions, and we believe the benefits will be seen over time," the company said.

Read more on Nov. 21, 2008