Citigroup looks to speed up 2019 expense cuts

FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/File Photo - Copyright Mike Segar(Reuters)

By Reuters

Published on 12/03/2019 - 20:34•Updated 23/04/2024 - 23:57

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NEW YORK (Reuters) - Citigroup Inc has accelerated some of its 2019 plans to cut expenses through "simplification" of its organisation and improvements in its internal processes, Chief Financial Officer Mark Mason said on Tuesday at an investor conference.

Mason made the comment in response to a question about whether the bank has ways to reduce expenses if revenues fall short of expectations.

Mason also said that first quarter revenue from fixed-income and equity trading looks like it will be down by percentages in the "high single-digits" from a year earlier.

(Reporting by David Henry in New York; Editing by Phil Berlowitz)

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