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Citigroup CEO Corbat Seen Ending Pandit’s Surge With Cuts

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Vikram Pandit hired thousands of employees and invested billions of dollars as he sought to boost Citigroup Inc.’s revenue after fighting to survive the financial crisis. His successor Michael Corbat has another idea: cut.

Corbat will cut about 11,000 jobs, more than double the number Pandit announced in January, the New York-based company said yesterday in a statement. Citigroup also will shut branches and pull back from some emerging markets, a priority for Pandit before Chairman Michael O’Neill led his Oct. 16 ouster.