Citigroup Inc. is out to prove that it can eliminate up to $2 billion from its expense base without mass layoffs. In reaching for such bloodless cuts, the company joins a host of other bank and brokerage companies that have instituted austerity programs - many of them a good deal smaller in scope than Citi's - to prepare for a slowdown in revenues this year.

The nation's largest bank is reportedly clamping down on costs and deferring certain expenditures throughout its three major businesses - corporate and investment banking, global consumer, and asset management - in an effort to boost its stock valuation and retrench for the challenges of a weaker economy.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.