The poor performance of Citigroup spooked investors

In the first quarter of 2011 the largest U.S. hedge funds have sold shares of Citigroup for an amount exceeding $ 1 billion, RIA Novosti reported. The main reason for this jump in sales lies in the poor financial performance Citigroup. According to reports, the net profit of the banking group in the first quarter decreased by 32% to $ 3 billion. The company's revenue fell by 22% - to 19.7 billion dollars. Citigroup Corporation serves approximately 200 million customer accounts and operates in more than 140 countries.