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Citigroup plans to cut 11,000 jobs
Investors cheer move; stock up 6%
In a statement Wednesday, Mr. Corbat said his bank remains committed to “our unparalleled global network and footprint.” However, he added: “We have identified areas and products where our scale does not provide for meaningful returns.”
He promised that the bank would continue to trim, whether in “technology, real estate or simplifying our operations.”
The paring hasn’t always gone as well as Citi has hoped. This fall, for example, when Citi negotiated the sale of its stake in the retail brokerage Morgan Stanley Smith Barney, it got far less than it wanted from the buyer, Morgan Stanley.
Mr. Corbat said Citi “has come a long way over the past several years.”
Citi said it expects the cuts to save $900 million next year, and more in the following years. They will be a drag, though, in the short term: Citi said it expects to record pretax charges of approximately $1 billion in the fourth quarter.
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