From the Daily Beast: We know 11,000 people who aren’t too
excited about these “transformations.” Citigroup announced that it will absorb
a tax charge of $1 billion for the quarter and eliminate about 11,000 jobs.
The CEO of the third-biggest U.S. bank said that the move was a
“logical” step in the bank’s transformation. Under the reduction, 1,900 jobs
will be eliminated in institutional clients, 6,200 will be removed from the
consumer banking business and 2,600 in the operations and technology group. The
announcement comes amid internal turmoil: last month, Citigroup's chairman
pushed out the chief executive, Vikram Pandit, and hand-picked Pandit's
successor. That move came one day after the bank reported higher-than-expected
third-quarter earnings....
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