Prince Alwaleed seeks cost controls at Citigroup-CNBC
NEW YORK Feb 2 (Reuters) - Saudi Prince Alwaleed bin Talal, a major Citigroup shareholder, recently met with the banking group's chief executive, where he pressed for cost controls, CNBC reported on Friday.
The financial news network said that Prince Alwaleed indicated that if Citigroup Chief Executive Charles Prince did not rein in expenses, his job may be on the line.
Citigroup's revenue and net income rose 7 percent last year, lagging many of its rivals, while operating expenses jumped 15 percent.
In the fourth quarter, profit rose 3 percent, while costs rose 23 percent.
Alwaleed has expressed concern about Citigroup's (C.N) costs before. In July he told Reuters, "We have to take draconian, and I say draconian, measures to control the costs."
A spokesman for Citigroup was not immediately available for comment.
((Reporting by Dan Wilchins; editing by Carol Bishopric; Reuters Messaging: dan.wilchins.reuters.com@reuters.net; +1 646 223 6320)) Keywords: CITIGROUP ALWALEED
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