Citigroup, the fourth-largest bank in the U.S., announced it would eliminate 11,000 jobs to reduce costs. The majority of these positions will come from the bank’s consumer banking business. Additionally, the bank plans to shutter 84 branches worldwide.
“These actions are logical next steps in Citi’s transformation,” said Citi CEO Michael Corbat in a press statement. “While we are committed to — and our strategy continues to leverage — our unparalleled global network and footprint, we have identified areas and products where our scale does not provide meaningful returns.”
This represents the first major changes in operations since Corbat took over the bank’s chief executive position, after former Citi CEO Vikram Pandit called it quits.