Special Report

America's Great Shrinking Companies

6. Citigroup Inc.

Citigroup’s (NYSE: C) revenues dove during the recession, when the bank recorded a loss of nearly $28 billion in 2008 and received $45 billion in aid. Although all of the bailout money has since been repaid, Citi has had to continue searching for assets and operations to shed in order to ensure its long-term future. Life insurance company Primerica and Citi’s stake in Morgan Stanley Smith Barney — a wealth management joint venture with Morgan Stanley — were among the dozens of businesses Citigroup has managed to shed in recent years. When Citigroup named Michael Corbat CEO in October 2012, the company touted his work in overseeing Citi’s divestiture of more than $500 billion in assets.

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7. American International Group, Inc.

AIG’s insurance obligations on a massive quantity of financial instruments by the end of fiscal year 2008 led to a mammoth $99 billion loss. Finding it was unable to meet its financial obligations, the insurance giant received a massive $182 billion bailout from the Department of the Treasury and the Federal Reserve to keep it from collapsing. Although both government entities eventually exited their investments, AIG was forced to sell tens of billions of dollars in assets to repay the aid money. In the process, it lost numerous business units and foreign operations. Currently, AIG has returned to profitability and even intends to return money to shareholders for the first time in years.

8. The Goldman Sachs Group, Inc.

Goldman Sachs’ net revenues and earnings have fluctuated in the last five years. But during the heart of the financial crisis, from 2007 to 2008, the firm’s earnings fell by nearly 80%. Goldman was one of several major banks that received early aid from the Treasury in order to ensure its solvency. Since the financial crisis, the investment bank has had to change several of its major business practices. In 2010, the firm wound down its proprietary trading desk. The company highlighted several factors keeping revenue low in 2012, including concerns about the global economy, and the movement by investors to assets that generated lower commissions.

9. Tyco International Ltd.

Tyco’s revenue has fallen by more nearly $10 billion over the last four years, from $19.7 billion to $10.4 billion in 2012. The infamous Dennis Kozlowsky previously served as the acquisition-hungry, and crooked, CEO of the former conglomerate. The company, which now provides security and fire safety services and products, has spent years spinning off or selling subsidiaries. Last year, Tyco’s flow control business merged with Pentair Inc. to form Pentair Ltd., while the company also spun off home security business ADT Corp. as its own standalone company. Past subsidiaries or operations that are also now their own standalone public companies include healthcare company Covidien and lender CIT Group.

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10. D.R. Horton, Inc.

D.R. Horton is the largest homebuilder in America. It has faced extreme headwinds in the last several years. As home prices collapsed throughout much of the nation during the housing crisis, the company’s revenue fell from $11.3 billion to $3.7 billion in just two years. Also, from fiscal 2007 through fiscal 2009, the company had a total net loss that exceeded $4 billion. While home prices have been on the rise — up 7.3% in May from the year before — interest rates have also began increasing. The higher mortgage cost could potentially push away some buyers. According to The Wall Street Journal, new home orders with D.R. Horton rose 12% in the second quarter of 2013, but fell short of expectations.

11. J.C. Penney Company, Inc.

J.C. Penney’s (NYSE: JCP) sales have declined at an average of 8.2% for the last five years. The company’s revenue of just under $13 billion in fiscal 2012 is far lower than its fiscal 2007 revenue figure of close to $20 billion. The retailer’s same-store sales have plummeted in recent years. They fell by 25.2% last year alone, and there’s no end in sight to the company’s downward trajectory. In April, the company fired its CEO, Ron Johnson, after just over a year of service, and brought back former CEO Mike Ullman, who had himself lost the position after overseeing a decline in performance. Hedge Fund Manager Bill Ackman quit the board because of his dissatisfaction with Ullman. As the company searches for a new CEO, there is also speculation it might go private.

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