Reuters - Citigroup Inc , the largest U.S. bank, said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.

Reuters - Stocks fell on Friday as concerns about the financial sector flared up again after American International Group Inc reported a record loss and as the price of oil set another record.

Reuters - American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market for mortgage assets, which have cost it dearly over the past two quarters.

Reuters - Oil jumped to a record of over $126 a barrel on Friday, extending gains to more than 11 percent since the start of the month on fuel supply concerns and a rush of speculator buying.