????要將成本削減到這么低的程度，花旗集團將不得不出售其次級抵押貸款部門，以及自金融危機以來一直在逐漸萎縮的其他業務部門。這些部門，即所謂的花期控股公司（Citi Holdings），是拖累集團效益比率的最大包袱，因為其收入僅占總收入的一小部分，卻占用了大量成本。

????然而，花旗集團在上周三公布的重組計劃并未涉及大幅削減其不良資產。針對花旗控股的裁員僅占總裁員數的5%。

????投資機構Tangent Capital Partners高級執行董事克里斯托弗·維倫認為，花旗集團還有另外一個選擇——重振次級抵押貸款業務。這一領域給銀行帶來的收入高于平均利息收入。而且，該領域競爭并不激烈，但卻有大量需求——數以百萬計的借款者希望在利率較高時能夠脫身。當然，這樣做同樣充滿了風險，可能會讓謹慎的投資者望而卻步。但與其讓投資者發現，花旗集團與其競爭對手相比更像是一個守財奴，反而不如采取更為大膽的措施。

????看過花旗集團的重組計劃后，對該銀行一直持批評態度的分析師麥克·梅約向客戶致信：“我們認為，這項舉措只是初期的‘震蕩’，花旗集團需要的是一場‘大地震’，或者更為徹底的重組。”

????花旗集團要想成功，確實應該進行大刀闊斧的整頓。只是不清楚考伯特是否明白當前的形勢。

????譯者：劉進龍/汪皓

????To get its costs down that low, Citi would have to finally sell off what remains of its subprime lending division and other business units that have been in wind-down mode since the financial crisis. Those divisions, dubbed Citi Holdings, generate the biggest drag on efficiency because they account for little revenue and a huge amount of costs.

????But the restructuring plan that Citi presented Wednesday does little to pare down Citi's former toxic assets. Just 5% of the cuts will come from Citi Holdings.

????Christopher Whalen, a senior managing director at Tangent Capital Partners, says another option for Citi is to dive back into the subprime mortgage businesses. That's one area where the bank could get higher than average interest income. It's also a business with very little competition and a lot of demand - millions of borrowers still want out of the loans they took when interest rates were much higher. That would be a risky maneuver, and one that could turn off some cautious investors. But it would be a bolder call than just showing that the bank can be more of a tightwad than its nearest competitors.

????After reviewing Citi's restructuring plan, analyst Mike Mayo, a long-time critic of Citi, wrote to clients, "We view this move as an initial 'tremor' and that an 'earthquake' or more radical restructuring is needed."

????It's time to really shake things up, if Citi is going to succeed. It's not clear Corbat gets that yet.