Citi's New Chief Launches First Cost-Cutting Salvo
Comments - Interesting bank stats from the Big 4:
Citigroup's North American consumer bank has long been seen by analysts as a likely target of cost-cutting efforts. Citi's North American consumer-bank revenue in the first nine months amounted to 4.3% of assets, compared with a 6.1% average at Wells and J.P. Morgan Chase, Goldman Sachs figures show.
Citigroup had 4,069 branches world-wide as of Sept. 30, down 3% from a year earlier, including 1,017 in North America. That compares with 6,200 at Wells Fargo, 5,596 at J.P. Morgan and 5,540 at Bank of America Corp