U.S., Citigroup reach $25 billion deal: source

The U.S. government and Citigroup have reached a deal to convert up to $25 billion in government-held preferred shares in the bank to common equity, a person familiar with the transaction said early on Friday.

The government will match the private conversions dollar-for-dollar up to $25 billion.

(Reporting by David Lawder; Editing by Neil Fullick)