Top Firm Has New Name For Cost-Cutting Initiative

Pandit Is Not A Bandit

Bank of America has 'Project New BAC' and Wells Fargo has 'Project Compass'.

But Citi. Well, according to The Wall Street Journal's Heard On The Street column, Citi isn't calling its current cost cutting initiative anything fancy.

The column has Citi CFO John Gerspach telling analysts during the firm's earnings call Tuesday: 'We don't have a great name for this. We just call it 'management''.

In the meantime, details on exactly what Citi's cost cutting plans actually involve are a little light on the ground. CEO Vikram Pandit did promise to throw some light on the subject when he discussed Q3 earnings, but all we appear to have got is that $2bn is going to be shaved by efforts to 'resize our businesses as necessary'. In Pandit, then, we must trust.

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...