Citigroup plans to cut 11,000 jobs
Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.
The cuts amount to about 4 percent of Citi’s work force. The bulk of them, about 6,200 jobs, will come from Citi’s consumer banking unit, which handles everyday functions such as branches and checking accounts.
Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world “that have the highest growth potential in consumer banking.”
The bank, the third- largest in the country by assets, did not say how many jobs it will cut in the United States.
EU imposes $1.9B fine on producers
The European Union on Wednesday imposed its biggest ever cartel fine of almost $1.96 billion on seven companies for fixing the market of television and computer monitor tubes.
The EU’s Commission ruled that, for a decade ending in 2006, the companies — including Philips, LG Electronics and Panasonic — artificially set prices, shared markets and restricted their output at the expense of millions of consumers.
EU antitrust Commissioner Joaquin Almunia said that the companies’ actions “feature all the worst kinds of anticompetitive behavior that are strictly forbidden to companies doing business in Europe.”
Tubes were the essential part of television screens and computer monitors before they were replaced by LCD and plasma flatscreens. The cathode ray tubes accounted for up to 70 percent of the cost of a screen, the Commission said.
Selected local stocks
Aqua America, .70, 25.01 —.24
Clear Channel, .73 76.09 2.02
Cortland Bancorp, 9.75—.28
Farmers Nat., .126.45 —.01
First Energy, 2.20, 42.02.31
FirstMerit Corp., .64,14.02 —.07
First Niles Financial, .32,6.85.00
First Place Fin., .015.00
FNB Corp., .48,10.85.03
General Electric, .68,21.23.37
Motors Liquidation, .0422.00
Huntington Bank, .16, 6.10.09
JP Morgan Chase, 1.20,41.20.63
Key Corp, .20,7.92.03
LaFarge, 14.65 .22
Macy’s, .80, 38.87.60
Parker Hannifin, 1.64, 82.901.72
RTI Intl. Metals,24.76—.15
Simon Prop. Grp.,4.40,152.27—.28
Stoneridge 4.70 —.01
United Community Fin. 2.98.06
Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.