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Citigroup Inc Announces Repositioning Actions To Further Reduce Expenses And Improve Efficiency


Wednesday, 5 Dec 2012 09:00am EST 

Citigroup Inc announced that series of repositioning actions that will further reduce expenses and improve efficiency across the Company while maintaining Citi`s unique capabilities to serve clients, especially in the emerging markets.Citi currently expects that the repositioning will generate $900 million of expense savings benefitting 2013 results and that the annual expense savings will exceed $1.1 billion annually beginning in 2014. Citi also expects the repositioning actions to have a negative impact on annual revenues of less than $300 million. These actions will result in a reduction of more than 11,000 positions. Approximately 25% of the announced fourth quarter repositioning charges are expected in Securities & Banking with another 10% in Transaction Services. The repositioning actions are expected to result in a reduction of approximately 1,900 positions, of which more than half are in the Operations & Technology functions that support the business. Global Consumer Banking (GCB): Approximately 35% of the fourth quarter repositioning charges are expected to be incurred in Global Consumer Banking, resulting in a reduction of approximately 6,200 positions, of which approximately 40% are in the Operations & Technology functions that support the business. As a result of the repositioning actions, Citi expects to either sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. 

Company Quote

48.22
0.04 +0.08%
17 Apr 2014