WSJ: Citigroup Inc. Chief Executive Vikram Pandit vowed Monday to keep shrinking the struggling financial giant, but his words did little to arrest a slide in Citigroup's shares and drew poor reviews from some employees.
Mr. Pandit, speaking to employees at a "town hall" meeting at Citigroup's Manhattan headquarters, said his goal is to reduce the company's total workforce to about 300,000 employees, compared to its third-quarter level of 352,000. About half of those planned reductions stem from previously-announced divestitures and other cost-cutting measures; the remainder will come via layoffs.
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