Goldman Sachs Group Inc have denied buying Citigroup Inc which has run into deep cash crunch of late and has been on a constant dip for 15 years straightaway. Even the financial support being offered by US government wasn't sufficient to induce an interest in Goldman Sachs Inc in buying hard-hit Citigroup Inc.
Citigroup shares tumbled for a fifth straight day, closing Friday at a 14-year low and in process lowering the market value of once number 1 bank of U.S. to just $21 billion.
The plunging stock price of Citigroup of late has made people speculate that the bank would be forced to find a buyer quickly or sell businesses to remain in market. Citigroup's board met friday to consider these and other options, though the bank ruled out a sale of brokerage unit Smith Barney
Still Goldman sachs whose market value now is at par with Citigroup after its stock rose 2.5% friday has been on a firm stand of not entertaining any deal to buy Citi's shares and business quoting that their strategy and culture would be disrupted and moreover it could go on to make the Company vulnerable to big losses from some of Citi's assets, as said by some insiders.
Even the U.S. government offering financial support has not been enough to compel Goldman chief Executive Lioyd Blankfein to call Citi CEO Vikram Pandit
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