Corbat slashes jobs at Citi, takes $1B Q4 charge

Dec 05, 2012, 10:36 AM EST
Citigroup CEO Michael Corbat
Getty Images/Jason Kempin

Citigroup's new chief executive Michael Corbat, who took over the bank in October after the board pushed out his predecessor Vikram Pandit, is to cut more than 11,000 jobs, scale back operations in some emerging markets and take a $1 billion charge this quarter in an effort to drive down costs. Citii's shares rose more than 4% in morning New York trade following the news. The bankers Citi plans to lay off will join the tens of thousands in the industry made redundant since the collapse of Lehman Brothers in 2008.