Investors send Citi stock up 6 percent
tions in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world “that have the highest growth potential in consumer banking.”
The bank did not say how many jobs it will cut in the United States.
About 1,900 job cuts will come from the institutional clients group, which includes the investment bank.
The company will also cut jobs in technology and operations by using more automation and moving jobs to “lower-cost loca- tions.”
Investors appeared to like the move. They sent Citi stock up more than 6 percent on a day when most bank stocks were up only slightly. Citi ended the day up $2.17 at $36.46 a share.
Job cuts are a familiar template in a banking industry still under the long shadow of the 2008 financial crisis.
Banks are searching for ways to make money as new regulations crimp some of their former revenue streams, such as trading for their own profit or marketing credit cards to college students.
Customers are still nervous about borrowing money in an uncertain economy.
And they are still filing lawsuits over industry sins, like risky mortgage lending, that helped cause the crisis.
Citi fared worse than others. It nearly collapsed, had to take two