https://assets.fnlondon.com/2012/10/4071257412.jpg

Citi’s new CEO announced on Wednesday that the US banking giant would cut 11,000 jobs (around 4% of its workforce) and reduce annual expenses by around $1bn. The decision, which marks the first major strategic shift since Corbat succeeded Vikram Pandit in October, sent Citi’s stock soaring. Over half of the cuts will take place in the company’s global consumer-banking unit, where Citi will shut down 84 branches worldwide. Citi will also cut 1,900 jobs in its securities and banking and transaction-services business. The reductions are expected to save $900mn next year and $1.1bn annually starting in 2014.

Reporter

Michael Corbat announced that Citigroup would cut about 4% of its workforce, George Osborne laid out the plans for another six years of austerity and there was speculation over Hector Sants' next move...

https://assets.fnlondon.com/2011/11/4069625409.jpg

https://assets.fnlondon.com/2012/01/4069833925.jpg

https://assets.fnlondon.com/2012/12/4071504702.jpg

https://assets.fnlondon.com/2012/02/4069929775.jpg

Anna Irrera

Citigroup

Houlihan Lokey CEO Scott Adelson: ‘This is a Goldilocks moment for us’

UBS promotes 174 people to managing director — here are the names

HSBC plans fresh layoffs in investment bank as overhaul picks up pace

Trading Places: BNP’s new COO, Clifford Chance poaches from KKR

https://images.fnlondon.com/im-329118?size=1.5

Find out who is on the move in the City and beyond this week

Clifford Chance hires KKR director in London private equity drive

https://images.fnlondon.com/im-81781958?size=1.5

Magic Circle firm boosts London private equity offering

Proskauer Rose hires Hogan Lovells private equity partner in London

https://images.fnlondon.com/im-06153452?size=1.5

The hedge-fund founder is asking triple what he paid for the Bali-inspired Manalapan estate in 2017.

British Billionaire Chris Rokos Wants $150 Million for His Florida Mansion

The announcement comes as USS Investment Management said it won’t bid for the property firm.

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Property Firm Assura

The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

The New Survival Guide for Private Equity: Go Big or Get Back to Basics

The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

Tencent Shares Rise as App Launches DeepSeek Testing

Tencent Shares Hit More Than Three-Year High as App Launches DeepSeek Testing

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

https://www.wsj.com/?type=allesseh_content_full_list

https://www.fnlondon.com/client

MY ACCOUNT

ABOUT

SECTIONS

unbolded

People in the news this week

Financial News

British Billionaire Chris Rokos Wants $150 Million for His Florida Mansion

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

Bain Capital Ends Pursuit of Fuji Soft

The New Survival Guide for Private Equity: Go Big or Get Back to Basics

Tencent Shares Rise as App Launches DeepSeek Testing