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Citicorp Plans More Expenditure Cuts: Hammered by...

From Times Staff and Wire Reports

Citicorp Plans More Expenditure Cuts: Hammered by large loan losses, Citicorp said it will further cut staff and slice another $1.5 billion in expenses during the next two years. Citicorp Chairman John S. Reed, briefing banking securities analysts, said the nation’s largest banking company will sell several of its smaller businesses and continue to embrace its consumer banking business. The cuts follow Citicorp’s restructuring plan announced last month. The company slashed its annual dividend 44% to $1, announced it would cut 8,000 workers from the staff of 90,000 and shovel $340 million into its loan-loss reserve account.


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