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...
E-Mail Newsroom

Tags:

Comments

Post new comment

  • Web page addresses and e-mail addresses turn into links automatically.
  • HTML tags will be transformed to conform to HTML standards.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

TOOLS

Email The Newsroom
RSS

IN FOCUS TODAY

Smith: Rawlings-Blake Must Harness Support For Red Line
Thursday, June 20, 2013 - 4:55am

Visions of a newly mobile and vibrant Baltimore could be derailed if the Red Line project fails...
Inside Maryland Politics for June 19, 2013
Wednesday, June 19, 2013 - 6:35am

WYPR's Fraser Smith and Candy Thompson of the Baltimore Sun talk about why many are optimistic...
Baltimore City Council Approves 2014 Budget
Tuesday, June 18, 2013 - 5:05am

The Baltimore City Council approved Mayor Stephanie Rawlings-Blake’s $2.4 billion operating...

CAR DONATION PROGRAM

CarTalk120x240_yearend_green.gif

Traffic and ABC2 Weather

View Larger Map

Expanded Forecast
FEEDBACK