Citi chiefs say it must do more to simplify bank

Michael Corbat

The two men at the top of Citigroup acknowledged on Tuesday that the company must do more to simplify itself.

Reuters reports that when asked at an annual meeting of shareholders whether Citigroup is too big to manage, Chairman Mike O'Neill said the task 'is certainly harder' for its size and that the company has more years of work in a drive to reduce risk and complexity that started when the company was bailed out in the financial crisis.

'We are making progress, but we are not where we want to be', O'Neill said.

Chief Executive Mike Corbat said the bank is 'a couple of years' from turning what he called an 'amalgamation' of 35 local consumer banks around the world 'into one truly global bank'.

The issue of Citigroup's complexity took on renewed importance last month when the U.S. Federal Reserve rejected the company's bid for permission to pay a higher dividend and return $6.4bn to shareholders through buybacks.

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