Citigroup to cut 11,000 jobs and save $1.1 billion

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Citigroup Inc which is the third largest bank of U.S. is planning to cut 11000 jobs. It is about 4 percent of total jobs at Citi and will bring a revenue of $1.1 billion.
Michael Corbat , Chief Executive Officer in Citi in a statement  said that these actions are logical for bank’s transformation.

Citigroup to cut 11,000 jobs and save $1.1 billion

He also said that while the bank continues to improve its global network but is full aware of potential stoppers in its growth and areas which are not providing meaningful returns.

The plan will cut 1,900 jobs in the institutional clients group, 6,200 jobs from the global consumer banking business and 2,600 jobs in the operations and technology group.

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