That's barely twice the $25 billion of capital it received from the US Treasury Department's bank bailout plan, and down from more than $270 billion in late 2006.

"We have a bull market in fear," said Henry Asher, president of Northstar Group Inc in New York.

Citigroup also said its board will make decisions on executive compensation after Dec. 31.

That prompted criticism from New York Attorney General Andrew Cuomo, who urged the bank to follow Goldman's decision on Sunday not to pay bonuses to top executives this year.

"It seems only fair that top executives should shoulder their fair share of these difficult economic times," Cuomo said. "It would send exactly the wrong message for Citigroup's top brass to collect bonuses while investors, taxpayers and now Citigroup's own employees suffer."

DIVERSIFICATION DOESN'T HELP

Citigroup was built principally by Weill, who ceded control to Pandit's predecessor, Charles Prince, in 2003. Analysts have said Citigroup never invested enough in technology or to make the bank's various parts work well together.

Its geographic diversity, including operations in more than 100 countries, is now also working against it as customers in such countries as Brazil, India and Mexico find it harder to stay current on payments.

At the same time, Citigroup's ability to grow at home is relatively limited. Last month, Wells Fargo & Co derailed Citigroup's attempt to buy Wachovia Corp and its $418.8 billion in deposits.

The bank has tried to downplay reports of dissension among directors regarding the performance of Pandit and the bank's chairman, Sir Win Bischoff. Last week, lead director Richard Parsons said the board supported management's plans.