Citigroup (NYSE: C) CEO Vikram S. Pandit said that Citi is undergoing a significant restructuring and reduce its assets by as much as 40%.
The New York-based bank is hoping to return to its roots and focus on natural growth from its Citicorp banking operations.
Pandit said that company had learned its lesson from the financial crisis which erupted in 2008 at a conference at the European central Bank.
Citi’s CEO also said that there needed to be more transparency in financial markets, especially for derivative investments.
Citigroup suffered $9 billion worth of losses after a $30 billion shortfall in 2008 and is still partially owned by the federal government.
