Citigroup no longer all things to all men, will continue to cut costs

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Citigroup, the bank that cut unwanted assets 25% last year, should no longer be expected to offer clients unlimited financial services, CEO Michael Corbat said.

'People shouldn’t want us to be everything to everyone', the 53-year-old said in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland. 'We’ve gone through a pretty significant transformation. We’ve got the right business mix'.

Bloomberg News reports that global banks are selling assets, firing staff and exiting some markets to lift profit and capital levels to meet stricter regulatory requirements and boost shareholder returns. Corbat is trimming spending after taking over from former CEO Vikram Pandit, who expanded Citigroup’s operations in emerging markets before directors ousted him in 2012.

Corbat said Citigroup will continue cutting costs. Investors 'saw the benefits' of exiting five consumer businesses and overhauling other units last year, he said.

To access the complete Bloomberg article hit the link below:

Corbat Says Citigroup Can No Longer Be 'Everything to Everyone'

Consumer Finance Finds Comeback From Credit Crisis With IPO Wave

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