Citi vows to use bailout money correctly
“Citi understands that (the bailout) is about helping the American people, and supporting U.S. businesses and our communities,” Citi CEO Vikram Pandit said in the report.
Citi has received $45 billion from taxpayers in the last four months.
Citigroup announced on Wednesday that it will cut 11,000 jobs, or 4 percent of its workforce, in an effort to trim expenses.
The moves comes one month after Citigroup paid out nearly $14 million to two former executives, CEO Vikram Pandit and Chief Operating Officer John Havens, who were ousted for poor management.
We better keep the CEO and COO’s taxes low though, to do otherwise would be a crime against freedom.