MEDIA ALERT: December 5, 2012
Robert H. Smith School of Business finance professor and former Citigroup Inc. senior executive Cliff Rossi has weighed in on Citi’s plans to cut 11,000 jobs from its global consumer-banking unit. The move entails closing 84 branches, including 44 in the U.S.:
“These latest cost-cutting measures get Citi focused back on efforts to improve their operating efficiency relative to their peers. Citi's dollars of revenue generated per employee lag behind their competitors and so this announcement is not surprising.