Michael Corbat, chief executive of Citigroup, has laid out three new financial targets for the bank and warned that there could be further layoffs in securities and banking if the business fails to deliver.

Corbat laid out an efficiency ratio target of the mid-50% for Citicorp by 2015 in a presentation at the Citi Financial Services Conference in New York yesterday. The efficiency savings would come from integrating technology, infrastructure and processes, Corbat said.