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Citigroup Inc. (C) Chief Executive Officer Michael Corbat said he expects the environment for investment banking will remain "challenging" and weigh on compensation.
January 24 -
The bank is retrenching from some of the country's wealthiest suburbs, abandoning some of its years-long efforts to cultivate affluent customers.
December 19 -
New CEO Michael Corbat will cut 11,000 jobs, largely in Citi's global consumer banking division. The plan suggests Citi is hedging its strategy of being an omnipresent, upper-tier player in emerging markets.
December 5
Citigroup (NYSE:C) has put a halt to its sweeping cost-cutting program long enough to open a handful of U.S. branches.
The nation's third-largest bank
Since Corbat announced his cuts in early December, Citigroup has opened five branches, bringing its total global branch count to 1,000, the bank said late Thursday. The new locations are in Chicago, Los Angeles, Miami, San Francisco and Philadelphia.
"These openings are part of our strategy to serve clients with excellence throughout the world's top cities," Cece Stewart, the head of Citigroup's U.S. consumer and commercial banking, said in a press release.
Stewart, the
At the same time that it opened the five new branches, Citigroup has made plans to close others in some of the same regions. The bank said in December it would
Some of the announced closings will not happen until March. Citigroup's overall branch network has shrunk by 17 locations since the end of the third quarter, when former CEO Vikram Pandit was
Corbat appears to have plenty of challenges ahead. He