Cit­i­group to trim 11,000 jobs

Com­pany does not say how many of the cuts will be in the U.S.

Austin American-Statesman - - BUSINESS - By Christina Rexrode A Citibank branch in New York City. About 6,200 of Cit­i­group’s job cuts will come from its con­sumer bank­ing unit. BLOOMBERG Ci­ty­group

NEW YORK — Cit­i­group said Wed­nes­day that it will cut 11,000 jobs, a bold early move by new CEO Michael Cor­bat. The cuts amount to about 4 per­cent of Citi’s work­force of 262,000.

The re­duc­tions at Cit­i­group come af­ter the bank’s pow- er­ful chair­man, Michael E. O’Neill, en­gi­neered the ouster of its former chief ex­ec­u­tive, Vikram Pandit, and named a hand­picked suc­ces­sor, Cor­bat, ac­cord­ing to sev­eral peo­ple close to the bank.

Since the power change in Oc­to­ber, which stunned Wall Street, there has been un­ease through­out the up­per ranks of Cit­i­group, ac­cord­ing to the peo­ple. Some within the ex­ec­u­tive ranks have been wor­ried that O’Neill, act­ing through Cor­bat, would quickly pare down the bank.

“Th­ese ac­tions are log­i­cal next steps in Citi’s trans­for­ma­tion,” Cor­bat said in a state­ment. “While we are com- mit­ted to — and our strat­egy con­tin­ues to lever­age — our un­par­al­leled global net­work and foot­print, we have iden­ti­fied ar­eas and prod­ucts where our scale does not pro­vide for mean­ing­ful re­turns.”

The bulk of the cuts, about 6,200, will come from Citi’s con­sumer bank­ing unit, which han­dles ev­ery­day func­tions like branches and check­ing ac­counts.

Citi said that it will sell or scale back con­sumer opera-

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