Citigroup Slashing 11,000 Jobs

Michael Corbat took over as the CEO of Citigroup in October and six weeks later he has announced that the megabank will eliminate 11,000 jobs worldwide.  Some analysts are already speculating that Corbat is just carrying out the directions of Citi Chairman Michael O’Neill. Corbat said that the closing of branches and jobs will save Citigroup $900 million in 2013 and $1.1 billion annually beginning in 2014.  The savings will offset a loss of revenue estimated to be about $300 million annually.  Read more […]