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GWEN IFILL (Newshour): The nation's third largest bank, Citigroup, announced big job cuts as it continues to scale back in the wake of the financial crisis. The 11,000 employees to be laid off worldwide make up about 4 percent of the company's work force. More than 6,000 of those jobs are in consumer banking.
The move comes less than two months since a shakeup at Citi, ousting former CEO Vikram Pandit. He was succeeded by Michael Corbat. The bank nearly collapsed during the crisis and ultimately received bailouts totaling $45 billion, money that Citi has since repaid.
Roben Farzad has long watched the changes at Citi for Bloomberg Business Week and he joins us again tonight.
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