Pandit's Plan

Vikram Pandit,CEO of Citigroup,has revealed his plan for the financial firm's recovery.In his vision,Citi is a Global Universal Bank,not a financial supermarket.The restructuring will take a couple of years,and full earnings will not be realized until the restrucuring is complete.There will be a 400 billion dollar U.S. cut in non-core businesses.The consumer finance and credit card businesses are strong.He aims to increase return on equity 18-20%,and earnings 8-10%.Over 2-3 years,Citi will get fit,restructure and maximize,returning to profitability.It will cut expenses by 15 billion dollars.At present,Citi has about 370,000 employees.Since last summer,it has cut more than 13,000 jobs,and there are more cuts to come.