Citigroup to mull more securities unit spending cuts

01/24/2012 | Bloomberg

John Gerspach, chief financial officer at Citigroup, said the banking giant will consider further reductions in spending at its Securities and Banking division if revenue doesn't rebound this year. "We are not oblivious to the fact that our cost structure cannot be justified by our current revenue," Gerspach said. "While much of the current difficulty reflects market conditions, we equally have some management and execution challenges."

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