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Citi Says More Layoffs Coming Beyond 11,000 Cuts

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  • Description

    FBN's Liz MacDonald on Citigroup’s repositioning.

  • Duration 2:24
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-- sixty minutes from now well Citigroup.

Slashing 111000 jobs today.

And as we've been reporting our list -- McDonald has learned they even more job cuts may be ahead -- We haven't got breaking news here insiders are telling Fox Business that.

They -- CEO Michael Corvette is under pressure from insiders around big -- of shares in the bank to revamp the bank.

-- -- break it up they -- saying this supermarket banking structure does not work anymore.

And this is what insiders are telling Fox Business about more cuts coming beyond the 111000 cuts job cuts that have basically represent 4% of the workforce.

Others say that essentially topic sects are really focused on cutting out the excess in the bank.

This is CEO Michael Corvette essentially is focus and that also Michael O'Neill as well who's the chairman.

Next what if I don't think anyone can come to the clues conclusion -- bank is going to sit back and do nothing else.

And here's another insider -- a Fox Business so why more cuts are coming beyond the 111000 announced today.

Such as saying that we've been living too long with too many layers dysfunction we need to rationalize our operation.

Where one of the most top heavy bureaucratic.

Banking organizations.

Out there so essentially.

Basically Citigroup is the third biggest US bank.

It was it did receive the biggest -- bank bail out in the country 476 billion dollars -- in -- credit.

And guarantees.

So the 111000 may be just -- start in coming months we may see even more job cuts at Citigroup back to you.

You know a real -- of accident you said -- the topic you're part that I found interesting in the court that was basically being this is kind of being guided by other insiders of the bank you've got to be talking about the -- Who he had to go before he made these cuts made this announcement had to go in his and here's what I'm gonna do here's the review and they had -- per that's very interest.

-- got the full support of chairman Michael O'Neill.

Who has they both have been reviewing the bank operations not just since October.

And not since since the fall when insiders are telling fox this is that Michael -- going to take the reins.

Given looking at a for a very long time and so what we're seeing if they're starting overseas was shutting down operations and and not returning any investment.

-- returns back to the bank and whether or not the footprint gets smaller here United States is a subject of hot debate inside of Citigroup Becky that's.

All right thanks very much Elizabeth -- sure.

And despite all of.

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