NEW YORK, US - Citigroup Inc will present as much as US$400 billion ($550 billion) of "non-core" assets that can be sold by the bank when it meets investors and analysts on Friday, a person familiar with the situation said.

Newly-installed Chief Executive Vikram Pandit, scrambling to slash costs and assets hard hit by the credit crunch, also intends to reaffirm his promise to cut annual expenses by around a fifth, the source told Reuters on Thursday.

Citigroup declined to comment.

Since taking over in December from Charles Prince, who resigned under pressure after years of disappointing results, Pandit has presided over a bank reporting US$15 billion of losses, one that raised more than US$40 billion of new capital and cut its dividend by 41 percent.

Pandit has faced demands from investors to slash costs, shed poorly performing businesses and even split up the largest U.S. bank.

Yet in a four-hour presentation to analysts and investors on Friday, Pandit and other top executives are expected to fend off calls for a break-up, instead touting Citi's combination of consumer and institutional businesses.

Citi's balance sheet currently weighs in at more than US$2.2 trillion, though much of that comprises businesses and trading positions outside its key businesses: commercial, consumer and investment banking.

Actual asset and business sales will take place over a period of years, according to the Financial Times which first reported the asset sales scope on its website on Thursday.

Pandit already has sold the bank's stake in CitiStreet benefits servicing venture, commercial leasing business CitiCapital and the Diners Club charge card business.

The Wall Street Journal this week reported Citi may sell Primerica, a consumer sales network for life insurance and investments.

Another highlight of the meeting will be plans to slash as much as US$15 billion off operating expenses. Last Year, Citi's costs totaled more than US$61 billion.

The bank has announced 13,200 job cuts in 2008, though analysts say tens of thousands of further cuts may be needed. The bank ended March with 369,000 employees.