You have to prune your staff strength first to cut cost. Citigroup Inc. does it again. The multinational US-based bank is shutting shop on its consumer banking in five countries such as Pakistan, Uruguay, Paraguay, Romania and Turkey, costing loss of jobs numbering 11,000 and saving of $1.1billion to the bank, from serious cost cutting measure. More such measures are yet to come in the near future.
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Exclusive: Citigroup may exit consumer banking in more countries