Citigroup on Friday confirmed that at least $400bn in non-core assets could be sold as part of plans to reduce costs and restore profit growth to double-digit rates.

At a long-awaited meeting with Wall Street analysts, Vikram Pandit, Citi’s chief executive, also plans to confirm his pledge, first disclosed in the Financial Times, to cut Citi’s cost base of more than $60bn by about 20 per cent.