The Shrinking Business of Banking
Citigroup announced its first quarter financial results this morning - including plans to cut 9,000 more jobs on top of the 4,200 layoffs announced in January. ""It is clearly feasible for us to take 10, 15, 20 percent off our cost base, especially in information technology and operations," Citi CEO Vikram Pandit told the Financial Times. Citi also disclosed it had a $349 million pre-tax gain on Visa shares and a $161 million pre-tax gain on the sale of MasterCard shares during the quarter.
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