Bloomberg News reports that CEO Michael Corbat, 53, is eliminating jobs, closing branches and scaling back in some countries to counter weaker revenue from bond trading and a drop in mortgage refinancings.
The fixed-income business, which accounted for about 20% of revenue last year, suffered along with home lending on concern the Federal Reserve would reduce monthly debt purchases that drove interest rates near record lows.
Revenue excluding an accounting adjustment fell 5% from a year earlier to $18.2bn. Expenses dropped 4% to $11.7bn, according to the statement.
'While many of the factors which influence our revenues are not within our full control, we certainly can control our costs', Corbat said in the statement. 'I am pleased with our expense discipline and improved efficiency year-to-date'.
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