Shares of Citigroup (C) rose sharply on Wednesday. CEO Michael Corbat, who took his post just two months ago, positively surprised the market by announcing 11,000 layoffs to cut back on costs in an attempt to boost the bank's profitability.
Wednesday's announcements
Citigroup's new CEO Michael Corbat announced some 11,000 job losses in order to cut on costs. The bank is pulling back from some non-core emerging markets, and Citigroup like all major global banks has been suffering from revenues drying up in global financial markets.
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