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Citi to Cut 11000 Jobs as New CEO Moves to Slash Costs - Wall Street Journal

Posted: 05 Dec 2012 08:59 AM PST

Article Excerpt

BY MATTHIAS RIEKER AND SUZANNE KAPNER

Citigroup Inc. set plans to cut 11,000 jobs in the giant bank's first major strategic shift since Michael Corbat succeeded Vikram Pandit as chief executive in October.

The move, announced Wednesday, is the latest illustration of the immense pressure on big banks to take action in response to stagnant revenue and weak stock prices. The decision also shows the company's cost-cutting focus under Chairman Michael O'Neill, a banking veteran who took over for Richard Parsons in April and was known in his past jobs for recommending tough medicine.

More than half the cuts will take place in the company's global ...

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Obama Appeals to Business Leaders on Cliff - Wall Street Journal

Posted: 05 Dec 2012 08:59 AM PST

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Kredit: www.nst.com.my

Rabu, 5 Disember 2012