'Your papers, please' must never be heard in America
Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.
The incredible shrinking bank may have to shrink more. In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank.
Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, surprising Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed.
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."
