As Citigroup looks to restore confidence and drive up its profits, rumors are circulating that the financial giant has received the first round of bids for its mutual fund and insurance sales unit, Primerica Financial Services.

Although Citigroup has not publicly confirmed that the Primerica is on the block, sources believe a deal may be likely to occur before the end of the summer. A deal seems likely, especially considering the fact that Citibank's CEO Vikram Pandit announced last month that he plans to reduce $500 billion of the bank's non-core "legacy" assets to under $100 billion in the next few years.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.