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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.

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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...

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Anna Irrera

Citigroup

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Pedro Guazo, who joins in August, will also oversee the $1.3tn asset manager’s responsible investment platform globally

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