Citi's new CEO Michael Corbat plans job cuts and branch closings

Citigroup announced plans to cut 11,000 jobs, close 84 of its branches and retreat from consumer banking in a handful of countries, the Wall Street Journal reported.

The bank had planned to reduce its workforce before new CEO Michael Corbat was named to succeed Vikram Pandit in October, but Corbat "turned up the heat" upon assuming the position of CEO, the Journal reported.

Read more: http://feeds.bizjournals.com/~r/bizj_baltimore/~3/2ANJ2jHdf6s/citis-new-ceo-turn...
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