Reuters logo
BRIEF-Citigroup MOVING WORK TO LOWER-COST LOCATIONS
December 5, 2012 / 6:26 PM / 5 years ago

BRIEF-Citigroup MOVING WORK TO LOWER-COST LOCATIONS

Dec 5 (Reuters) - Citigroup Inc : * CFO John Gerspach says bank is pursuing “simple back-to-basics model” * Gerspach: Citi is “highly” focused on winding down Citi holdings in

“economically rational manner” * CFO: moving functions to lower-cost locations in reorganization * Gerspach: funding for buyers is most significant impediment to selling

mortgage assets in Citi holdings * CFO: likely could not sell mortgage assets at current prices without hit to

regulatory capital and substantial writedown * CFO: US economic recovery too weak to cut mortgage loss reserves * Gerspach: if current housing outlook persists, Citi could sell $750 million

to $1 billion in mortgages per quarter

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below