6. Citi has a (relatively) new CEO Michael Corbat became CEO of Citigroup last October, after Vikram Pandit was forced out by Michael O'Neill, Citi's chairman of the board. Pandit saw the bank through a terrible time, coming on board just before the financial crash struck, but he and O'Neill reportedly didn't see eye to eye on many issues.
Corbat was handpicked by O'Neill, and though relatively unknown to shareholders, has a good reputation at Citi. Corbat has been with Citi for 30 years and seems off to a good start, if fourth-quarter results are any indication.
7. Citi is slimming its workforce Having been through layoffs myself, and having watched my father go through his fair share as I was growing up, first let me say how much I hate job cuts. But let me also say that sometimes an organization has no choice but to let people go, especially if it's in the best interests of the business overall, on which many more jobs rely.
Citi announced this past December it will be cutting 11,000 jobs worldwide, and it's not the only bank putting people on the chopping block in an effort to streamline and stay competitive. JPMorgan Chase just announced two days ago it will be cutting 17,000 jobs over the next two years.
Job cuts are a hardship for those affected, but so many Wall Street banks became so bloated in the run-up to the financial crisis that even cuts this large come as little surprise.
Final Foolish thought Citi is a bank that's come a long way since the financial crisis, but still has a long way to go. Strong performance on some metrics is belied by poor performance on others. I wouldn't call Citi a buy yet, but I think the superbank will be in the not-too-distant future.
The article 7 Things You Need to Know About Citigroup originally appeared on Fool.com and is written by John Grgurich.
John Grgurich owns shares of JPMorgan Chase. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.
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