While you were sleeping Citigroup slashes jobs, Wall St gains

Wed, 05 Dec 2012

Dec. 6 (BusinessDesk) – Citigroup chief executive Michael Corbat has wasted little time in cost cutting since taking over the helm of America’s third-largest bank from Vikram Pandit in October. The New York-based firm has announced plans to eliminate 11,000 jobs worldwide, about 4 percent of its workforce, and will take a US$1 billion charge in the fourth quarter. Investors cheered the news, sending the shares up 6.3 percent on the New York Stock Exchange More than half the cuts will come from Citigroup’s global consumer-banking business in...

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