Citi (C) Targets Over 50K Job Cuts, 20% Expense Reduction
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At its town hall meeting this morning, Citi (NYSE: C) announced plans to strengthen itself in 2009. The company is targeting expense reductions of 20% and headcount reductions of 20% from peak levels.
Citi is targeting a headcount of approximately 300,000, which is down from the current headcount of 352,000.
Citi showed assets of $2.05 trillion and total deposits of $780 billion.
With the TARP money, Citi showed a Tier 1 capital ratio of 10.4% for Q3 of '08, above the 7.3% Tier 1 capital ratio in Q3 of '07.
Citi doubled loan loss reserves to $24 billion in Q3 of '08, up from $9.5 billion in Q1 of '07. The loan loss reserve ratio has moved to 3.35% from 1.37% in that same period.
Citi showed it has 0% option ARMs as a % of their mortgage loans, and total mortgage assets of 11%.
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