Citigroup the US third-biggest U.S. bank, to cut over 11,000 jobs to reduce expenses and improve efficiency.. It will incur a pretax of 1.1 billion this quarter and save 900 million next year in 2013.
CEO Michael Corbat said,
These actions are logical next steps in Citi’s transformation,. While we are committed to — and our strategy continues to leverage — our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns.”
Citi shares were up 3.87% to $35.62 a share after the announcement.
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