The New York Times reports Citigroup CEO Charles Prince will eliminate or reassign over 26,000 jobs (8% percent of its work force) when he releases plans for a major overhaul on Wednesday. In a company memo Monday obtained and verified by Reuters, Prince said he would consolidate some back/middle-office and corporate functions, move some work to lower-cost areas, and make technology platforms more efficient. On Monday, CNBC said the company <Sources: New York Times, Reuters
Commentary: Citigroup: Break It Up! • Citigroup Addict Buys More Shares • Citigroup Unlike Other Big U.S. Banks
Stocks/ETFs to watch: Citigroup Inc. (C). Competitors: Deutsche Bank AG (DB), Credit Suisse Group (CS), Legg Mason Inc. (LM), UBS AG (UBS), Barclays PLC (BCS). ETFs: PowerShares Dynamic Banking (PJB), streetTRACKS KBW Bank (KBE)
Conference call transcript: Citigroup Q4 2006 Earnings Call Transcript

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