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Citi Layoffs Will Exceed 11,000 - Fox Business
[ by Melanie Gretchen ]
New Citigroup CEO Michael Corbat made a big splash last week by announcing the 3rd largest U.S. bank would eliminate 11,000 jobs. He apparently had a change of heart over the weekend. Fox Business reports that Mr. Corbat will go beyond the 11,000 job cuts - apparently amid pressure from insiders to revamp or break up the bank. To shore up its assets, insiders say that top executives, including Mr. Corbat and chairman Michael O'Neill "are really focused on cutting out the excess in the bank."
Fox Reporter Elizabeth MacDonald said the 11,000 may just be the tip of the iceberg in terms of cuts, considering the bank's ongoing problems and continuous search for solutions. The fact that Citigroup received the biggest bailout in the country - $476 billion in cash, credit, guarantees - is an indication of the depth of the bank's issues. The bank already has started shutting down some overseas operations that were underperforming.
The actions prompted one Citi insider to remark: "I don't think anyone came come to the conclusion the bank is going to sit back and do nothing else." [Fox Business 12/5/12].
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