The chief executive officer at Citigroup has stated the investment bank’s restructuring following the financial crisis in 2008 is ‘over’.
Addressing delegates at Citi’s 2017 Investor Day, Michael Corbat explained the management team and board of directors believe Citi has “crossed an inflection point”.
“Our restructuring is over. Citi Holdings is behind us. We’ve shifted to sustainable, targeted and self-funded investments to drive increased market share and revenue growth,” he said.
The restructure saw Citi’s institutional coverage slashed from over 30,000 corporate and investor clients to 14,000.
Similarly, the headcount was reduced by 40,000 over the past four years, despite the addition of 9,000 people within risk, compliance and regulatory roles.
Corbat also made reference to the ‘power of Citi’s global network’ and how it is being used to drive revenue in the institutional side of the business.
“Where we’ve built leadership positions such as fixed income and treasury and trade solutions, you’ll see our plans to extend our lead,” he added.
“While we have declared our restructuring ‘over’, we aren’t going to surrender any of the expense discipline we have worked into the muscle memory of our firm,” Corbat said.