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Bowing to pressure to slim down what some call a bloated menu, McDonald's is cutting eight items from its menu beginning in January to boost service speed.The fast-food giant is also reducing its number of extra value meals from 16 to 11 as it seeks to turn around its U.S. unit, it said at its investor meeting Wednesday.

The company has struggled recently to turn around its performance recently amid increased competition in the restaurant industry as fast-casual players like Chipotle have gained share. In November, U.S. comparable restaurant sales dropped 4.6 percent. Year to date, the company's stock has dropped 6 percent. Four out of five of its sales come from a small set of its menu, the company said on its call. To turn itself around, the company is betting on a new premium service platform called "Create Your Taste" where customers can customize their own burgers and chicken items. It is also giving more autonomy to local operators so they can cater to preferences in local markets.


-- Katie Little, CNBC