Citigroup to trim 11,000 jobs
Company does not say how many of the cuts will be in the U.S.
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-