Analyst Pleased With Citi (C) Cost Savings Plans

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Shares of Citi (NYSE: C) are moving higher on Wednesday after the bank, under new leadership of CEO Michael Corbat, announced it was eliminating 11 thousand jobs resulting in $0.9 billion in saving in 2013 and $1.1 billion in 2014.

Commenting on the developments, Wells Fargo analyst Matthew H. Burnell said "we were somewhat surprised/pleased by the magnitude of anticipated savings, which we anticipate will drive an accelerated convergence between TBV of $53/share and the current share price of $35 to 36."

The cuts target areas where the firm's scale does not allow meaningful returns, and are fairly broad-based.

For an analyst ratings summary and ratings history on Citi (NYSE: C) click here. For more ratings news on Citi click here.

Shares of Citi closed at $34.29 yesterday, with a 52 week range of $24.40-$116.09.

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