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Economy
Citigroup to Cut 11,000 Jobs
2012-12-06
[BLOOMBERG] Citigroup
...contributed $736,771 to the 2008 Obama campaign...
Inc. (C)'s Michael Corbat, who took over as chief executive officer less than two months ago, will cut more than 11,000 jobs and pull back from some emerging markets to drive down costs as revenue dries up at global banks.

Citigroup Inc., the third-biggest U.S. bank, said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs.

The lender will take a $1 billion charge this quarter to cover the 4.2 percent workforce reduction, which includes 1,900 jobs in trading, investment banking and transaction services, Citigroup said today in a statement. The bank, ranked third by assets in the U.S., said it wants to improve productivity in markets businesses such as cash equities where profit is lagging. The stock jumped as much as 8.1 percent in New York.

Corbat and Chairman Michael O'Neill are cutting deeper than ousted CEO Vikram Pandit had planned as the industry's slump in trading and investment banking and stiffer capital rules put pressure on profit. The dismissals add to 5,000 announced in January by Pandit, who championed some of the businesses targeted today including markets in Asia and Latin America.
Posted by:Fred

#2  Most of the cuts will be in the consumer area.
Posted by: Pappy   2012-12-06 13:11  

#1  Go to Mexico, get the crap cheated out of you, go bankrupt, we'll never hear from you again, or miss you either.
Posted by: Redneck Jim   2012-12-06 11:41  

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