Charles Prince made a widely anticipated presentation at an investor conference, and offered some choice nuggets. According to TheStreet.com, he painted a picture of a bank that is intent on expanding abroad, on perhaps ceding some ground to domestic competitors in the retail banking market and on not seeking a huge deal anytime soon. He also noted that after a year of strong spending, Citigroup will likely cut back on the amount of its investment in current operations. This stems from what executives foresee as a challenging credit environment. It is expected to become "moderately worse" next year. Prince noted he doesn't expect the company to sell off any of its major business lines, despite some high-profile calls to do so by top shareholders. As for the maligned consumer unit, executives expect growth in the 5 percent area. Prince called the expected growth a disappointment. He says he is "cautiously optimistic," however. I expect we'll be hearing much more about Citigroup's strategy going forward, once Prince gets the idea that shareholders are losing patience.

For more:
- here's an update from TheStreet.com
- here's an article about Citigroup's deal with a Central American bank