Citi focusing on just two things

Citi Building Sign

Expenses and efficiency.

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.

Reuters reports that the bank's first quarter results on Monday showed just how much work Citigroup executives have ahead of them in those areas.

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.

To access the complete Reuters article hit the link below:

Analysis - Citigroup still has a way to go in cost-cutting program

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