Citigroup took a big hit yesterday, as its new CEO Michael Corbat announced the company's intention to lay off 11,000 employees and "pull back in emerging markets" in an effort to cut costs amidst challenging times for big banks. According to Bloomberg, this represents a 4.2 percent reduction of Citi's total workforce and hits hardest in trading, investment banking and transaction services groups, which alone will shed nearly 2,000 jobs. Consumer banking, at large, will cut over 6,200.Source: http://feedproxy.google.com/~r/Techcrunch/~3/8savd0e3ceQ/
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