Citigroup Inc. (NYSE:C) CEO has said the company hopes to cut its costs by $2.5-3 billion this year.

Citigroup Inc. (NYSE:C) CEO Sets Out Cost Cuts

The US bank Citigroup Inc. (NYSE:C)’s chief executive Vikram Pandit said that the bank will reduce its costs between $2.5 billion and $3 billion this year.

The bank will also invest more money this year as it is trying to come out of the crisis.

Pandit said, “We’re going to take out $2.5 or $3 billion dollars in costs verses what we had in 2011…At the same time we are going to invest. But how we are going to invest is going to be related to how we create savings. Some of our re-engineering savings are going to go into investment. The process of rebuilding Citigroup Inc. (NYSE:C) since the crisis has been a very steady process. We do think our costs are going to be $2.5 to $3 billion dollars lower next year”.

Citigroup Inc. (NYSE:C) stocks were at 30.38 at the end of the last day’s trading. There’s been a -3.8% movement in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 4 out of 15 in the industry