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New York - Citigroup Inc has announced 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 the suffering mortgage and credit markets.

Vikram Pandit - chief executive of the largest U.S. bank - revealed the plans at a much-anticipated presentation to investors and analysts. He has faced growing demands to cut costs, shed poor-performing businesses and reinvigorate a stock price that has fallen by more than half in the last year.

Citigroup shares were down 60 cents, or 2.5 percent, at $23.70 in afternoon trading on the New York Stock Exchange.

“It’s definitely going to be a show-me story,” said Thane Bublitz, a senior analyst at Thrivent Financial for Lutherans in Appleton, Wisconsin.

Citigroup lost nearly $15 billion in the last two quarters, and has suffered more than $45 billion of write-downs and credit losses since last summer, as the housing slump deepened, subprime mortgages imploded and credit markets tightened. More jobs will be cut, on top of 13,200 announced this year.