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M&A Earnings/revenue Analyst actions Miscellany

Updated from 1:22 p.m.

Financial giant Citigroup(C Quote) is cutting back on its planned investments and trimming expenses as it braces for the storm called the economic slowdown. The spending pullback could total between $1 billion and $2 billion this year.

The Wall Street Journal reported this morning that the total amount of the cuts will depend on the state of the economy and its impact on the financial conglomerate's businesses. Citi Chairman Sandy Weill, who earned $28.6 million last year, apparently is keen to prove to investors that the company deserves a higher share price based on its ability to survive tough economic times.

Banks and trading firms, of course, are hit as consumers borrow, invest and trade less. ...