Bloomberg News

Citigroup’s Pandit to Cut as Much as $3 Billion In Costs in 2012

January 26, 2012

Jan. 26 (Bloomberg) -- Citigroup Inc.’s costs will be $2.5 billion to $3 billion lower next year as the U.S. bank embarks on “re-engineering,” Chief Executive Officer Vikram Pandit said in an interview with Bloomberg Television.

Citigroup remains committed to businesses including equities, though it will resize those units to what clients need, he said.

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net


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