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Citigoup (C) is about to announce that it will cut 15,000 jobs and take a $1 billion charge. For a company that watched expenses rise $7.4 billion last year, it is a drop in the bucket.
Citi needs to stop building branches and cut IT spending. The bank has 8,100 branches now, and it should decide to make due with those. The company has lower revenue per employee that both Bank of America (BAC) and JP Morgan (JPM).
It is somewhat astonishing that Citi has just bought an trouble bank in China and its trying to buy a troubled brokerage in Japan. There are even rumors that it may make a big for ABM Amro.
Somehow the cart got in front of the horse at Citi, and that still needs to get turned around.
Douglas A. McIntyre
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