The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees.
"When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value." At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Expenses rose 6% to $13.5 billion due to rising costs and investments in control systems. The expenses included severance payments for employees who were laid off during the sale of its international businesses.
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