Citigroup Inc. (C), the third-biggest U.S. bank, may make more spending cuts at its securities unit after an investment of almost $1 billion in the business last year failed to boost revenue.
The lender, which last week announced 1,200 job reductions to save $600 million this year at the Securities and Banking division, will “further restructure” if revenue doesn’t rebound in 2012, Chief Financial Officer John Gerspach said on a conference call today. Profit at the unit fell 24 percent last year to $4.9 billion as Europe’s sovereign-debt crisis rattled world markets, New York-based Citigroup said last week
via Citigroup to Weigh More Cuts in Securities Unit If Revenue Doesn’t Rebound – Bloomberg.
