At a meeting with 300 senior Citigroup officials in the first week of February, Chief Executive Michael Corbat said the bank needed to focus on two things above all else this year: expenses and efficiency.
In Citigroup's main businesses, revenue fell 3.5% in the quarter while operating expenses eased only 1.5% compared with a year earlier, the bank said. It still needs to cut another 3.5%, or $1.5bn, from its annual operating expenses to meet its own 2015 targets for efficiency, according to Reuters calculations.
The company's expenses are too high given its weak revenues, said Gary Townsend, a longtime bank stock investor who owns Citigroup shares and formerly ran Hill-Townsend Capital.
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