Citigroup's (C) Has Cut Expenses By Almost $16 Billion Annually

Below are more updates from Citigroup's (NYSE: C) Vikram Pandit at The National Summit.

Citigroup has been focusing on efficiency, strengh and new financial drivers.

In the past several months, Citi has cut its expenses by almost $4 billion per quarter. Along with cutting costs, Citi cut 20% of its employees, sold 23 businesses and raised money from the government and outside investors.

Since last October, Citi has extended $200 billion of credit to US consumers and businesses. However, borrowers should accept a new world of tighter credit as financial institutions recover from bad loans, failed banks and foreclosed homes.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company.

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