Citi Needs Time and a Miracle to Reach "New Frontier"

June 7, 2007

Citigroup's (C) top management is under pressure to increase earnings without a big acquisition. Earlier this year, Citi announced a $1.5 billion cost cutting program. Now, Citi is taking the wraps off its latest idea to increase revenues. By mashing its bank and Smith Barney brokerage unit together in Boston (and Philadelphia) in a pilot program, Citi hopes that the combined units will generate increased revenues and profits for both units. Boston is the key market to validate this "new frontier" strategy.

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