Citigroup Executive: Layoffs Should Be No Surprise

Citigroup Executive: Layoffs Should Be No Surprise

A Citigroup Inc. (NYSE:C) executive spoke with FOX Business Network’s (FBN) Elizabeth MacDonald about the 11,0000 job cuts announced earlier today. The unnamed executive tells Fox Business Network that the “layoffs shouldn’t be a surprise.”

Citigroup Inc. (NYSE:C) executive to FBN on today’s layoffs:

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“I think in last quarter, we said we would continue to seek ways to optimize. I don’t think anyone can come to the conclusion the bank is going to sit back and do nothing else. [CEO Michael] Corbat said in October he now wants to focus on operational efficiency; layoffs shouldn’t be a surprise. We’re focusing on what we do best and making that more efficient. Look at job cuts in total, there are several different things we’re doing. We’re merging overlapping units inside the bank, cutting back in markets where we don’t have scale.”