Japan Inc’s penchant for value-destroying acquisitions is renowned. But it is not the only one. Two years ago, Citigroup, then a financial services powerhouse, bought Nikko Cordial in a deal that valued the scandal-ridden, third-ranked domestic brokerage at $13.4bn. Now an emasculated Citi is selling Nikko Cordial, plus a medley of other businesses, for $5.4bn as part of efforts to liquidate non-core assets.

The two prices are not strictly comparable; Citi is somehow booking an accounting loss of a mere $200m – implying some pretty ballsy valuations for retained businesses, including Nikko Asset Management. Further bridging the gap, Citi is extracting $2bn of cash from Nikko Cordial pre-sale and selling a package of shares worth about $280m. More importantly, from Citi’s perspective, the sale generates $2.5bn of tangible common equity – and allows it a partial exit from a grisly market.