Cost Cutting at Citigroup
Citigroup's shares have now returned 32% year-to-date, following a 44% decline during 2011. The shares trade for 0.7 times their reported Sept. 30 tangible book value of $52.70, and for 7.5 times the consensus 2013 EPS estimate of $4.64, among analysts polled by Thomson Reuters. The consensus 2014 EPS estimate is $5.04. After Bloomberg on Thursday reported that Citigroup was planning to cut 150 additional investment bank jobs in the fourth quarter, after laying off 1,550 investment banking employees earlier this year, Nomura analyst Glenn Schorr on Friday suggested that the company could benefit from a "named" cost savings program.