Category Archives: Citibank
Run right down there and see what you can grab, you investor types. From the IHT writeup:
Citigroup, the largest U.S. bank, said Friday that it planned to shed $400 billion of assets within three years and increase revenue by up to 10 percent a year to restore profitability after huge losses tied to the flagging mortgage and credit markets.
Vikram Pandit, who became chief executive in December, announced the plans at a much-awaited presentation to investors and analysts. He has faced growing demands from investors to cut costs, shed poorly performing businesses and reinvigorate a stock price that has fallen more than half in the past year.
Citigroup has lost nearly $15 billion over the past two quarters, and suffered more than $45 billion of write-downs and credit losses since last summer, as the housing slump deepened, subprime mortgages imploded and credit markets tightened. More jobs will be cut, on top of 13,200 cuts announced this year.
Gee, the investors are screaming? LOL…I smirk at the irony of it all…