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"Financial services faces an extremely challenging operating environment"
- Vikram Pandit, Chief Executive Officer at Citigroup Inc.
Citigroup Inc. Chief Executive Officer Vikram Pandit will cut approximately 4,500 jobs in forthcoming quarters as the bank seeks to reduce costs amid tougher market conditions and declining profits.
"Financial services faces an extremely challenging operating environment with an unprecedented combination of market uncertainty, sustained economic weakness in the developed economies and the most substantial regulatory changes we have seen in our lifetimes," said Pandit.
"These trends will likely significantly affect the competitive landscape in the coming years."
"The 4,500 is a drop in the bucket for them, particularly when you consider how big they are and their global scope," Nancy Bush, an analyst at SNL Financial, a bank-research firm in Charlottesville, Virginia. "I'd be suspicious that this may be the tip of the iceberg."