The Street Beat

Citigroup is cutting costs like it’s going out of style. The third-biggest bank by assets announced it will chop 11,000 jobs, or about 4 percent of its workforce, today to boost profitability and scale-down the once-heralded financial supermarket. After former CEO Vikram Pandit left in mid-October, Citigroup (C) realigned focus toward operations and efficiency. Mike […]

U.S. stocks hobbled along midday Wednesday on hopes that the European Central Bank will hammer out a debt-buying scheme for its cash-starved economies. Grim August manufacturing, combined with dismal Chinese production and reduced factory activity have buffeted bourses worldwide. The downswing sparked hopes the ECB will somehow reign in wincingly high borrowing costs and the […]