The moves, unveiled by chief executive Vikram Pandit in a meeting with staff, are a dramatic escalation of Citi's efforts to deal with a crisis that has forced it to record a loss in each of the past four quarters.
The company's poor performance and continued slide in its shares have raised the pressure on Mr Pandit amid simmering internal disagreements and a boardroom revolt over Citi's failure to buy Wachovia, a US regional lender.
Citi's shares have lost nearly three-quarters of their value over the past year. They continued to slide yesterday and were down more than 4 per cent at $9.06 in New York morning trading.
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