CEO Michael Corbat will need to lean heavily on credit cards and other consumer business lines, and keep driving down costs, to offset weaknesses in capital markets.
The federal regulator cited recent “cost savings” and promising projections for costs and revenue next year in announcing the reduction in assessments.
The Minneapolis company said in an email to American Banker that it would reduce its headcount by approximately 1%, or about 740 positions, across the company.
Executives are reluctant to pull back on their big investments in technology, arguing they must stay competitive and that they have flexibility in other areas to trim costs if growth begins to stagnate.
