FBN's Gasparino: Citi (C) Might Not Be the Only Bank Mulling More Job Cuts...

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Go back to FBN's Gasparino: Citi (C) Might Not Be the Only Bank Mulling More Job Cuts...

Citi (C) Cutting More Positions 'Souldn't Be a Surprise'

December 5, 2012 1:41 PM EST

Earlier in the session, Citigroup (NYSE: C) announced plans to cut its workforce by 11,000 jobs, or roughly 4 percent of the total. But, the bank might not be done yet.

Fox Business says an executive told them the bank is still looking... More

Market Check: Apple Dip Pressures Nasdaq; Citi, ADP Data Evoke Mixed Reaction

December 5, 2012 11:51 AM EST

U.S. markets are largely mixed today, with Nasdaq lower by 0.7 percent, or 19 points, as it feels pressure from Apple (Nasdaq: AAPL) selling today.

The Dow Jones Industrial Average is up 0.5 percent, or 71 points, while the S&P 500 is up nearly 0.1 percent,... More

Citigroup (C) to Reduce Workforce by 11,000, Take $1B Charge in New Repositioning

December 5, 2012 9:03 AM EST

Citigroup (NYSE: C) announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citis unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies.

Michael Corbat, Citis Chief Executive Officer, said, These actions are logical next steps in Citi's transformation. 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... More