Uploaded by FinancialNewsOnline on Nov 16, 2011
The Wall Street Journal reports that U.S. Bank Citigroup might be canning some of its staff to cut costs. A person familiar with the company's plans says Chief Executive Officer Vikram Pandit has discussed cutting as many as 3,000 jobs to reduce spending.
The reduction is currently equal to around one percent of the staff with almost a third of the layoffs coming from the bank's trading and investment banking operations the person said.
This report comes after Pandit shuffled his top managers last week, appointing Manuel Medina-Mora to global consumer and commercial banking and making Mike Corbat the sole CEO for Europe, the Middle East and Africa. This move was also seen to increase revenue for the company, focusing on the emerging markets in Asia and Latin America.
Citigroup (NYSE:C) has potential upside of 55% based on a current price of $28.02 and an average consensus analyst price target of $43.43.
The reduction is currently equal to around one percent of the staff with almost a third of the layoffs coming from the bank's trading and investment banking operations the person said.
This report comes after Pandit shuffled his top managers last week, appointing Manuel Medina-Mora to global consumer and commercial banking and making Mike Corbat the sole CEO for Europe, the Middle East and Africa. This move was also seen to increase revenue for the company, focusing on the emerging markets in Asia and Latin America.
Citigroup (NYSE:C) has potential upside of 55% based on a current price of $28.02 and an average consensus analyst price target of $43.43.
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