US to sell Citigroup shares

The US government said it plans to sell its 27 per cent stake in Citigroup, in what will be one of the largest share sales in history.



According to the US Treasury some 7.7 billion shares in the bailed-out bank will be sold in tranches throughout 2010.



It will mark another stage in Wall Street\'s recovery and could make the US taxpayer $8 billion in profit.



Citigroup, which has posted more than 100 billion in write-downs, required three government rescues in 2008 and 2009.