The only way that Pandit can get Citibank back on track is by biting the bullet. Pandit's five-pronged strategy is already making itself felt, with harsh impact on certain quarters.
The Indian-born Citigroup boss plans to cut costs by almost 20 per cent, sacking more than 50,000 employees or 20 per cent of the bank's staff, jettisoning risky assets, selling non-essentials, and raising interest rates for credit card customers.
The bank is also going slow on lending, with its global loans portfolio having shrunk by over 15 per cent.
Image: A newspaper stand is pictured in central London, on November 18, 2008. US banking giant Citigroup said on Monday it planned to shed 52,000 jobs with losses falling 'particularly heavily' in London and New York. | Photograph: Carl De Souza/AFP/Getty Images
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