Citigroup Inc. (C) Chief Executive Officer Michael Corbat, who took over the bank in October, is cutting more than 11,000 jobs, scaling back operations in some emerging markets and taking a $1 billion charge this quarter in an effort to drive down costs.
The institutional clients group, which includes trading, investment banking and transaction services, will cut about 1,900 jobs, New York-based Citigroup said today in a statement. That move seeks to “improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities,” the bank said. The stock jumped more than 4 percent in New York trading.
Read More: Citigroup to Cut 11,000 Jobs, Take $1 Billion Charge - Bloomberg