Citi Hires Cost-Cutting Tsar

Cost-cutting is still king.

Citigroup, which is cutting 11,000 employees and shutting branches, has hired David Chubak from McKinsey & Co. to help oversee cost-cutting.

Chubak, 32, will be head of productivity and report to Chief Executive Officer Michael Corbat, according to an internal memo obtained by Bloomberg News.

He previously was a partner in the global bank and securities practice at McKinsey, a New York-based consulting firm, according to the memo, which was signed by Corbat. Mark Costiglio, a Citigroup spokesman, confirmed the memo’s contents.

Corbat, 52, who took over as CEO in October after the ouster of Vikram Pandit, has pledged to make Citigroup more efficient. Last month, he said the firm may exit or pull back from businesses in countries where results are 'unsustainable', which could mean more branch closings and dismissals beyond those already announced by the third-biggest U.S. bank.

'David will work closely with senior management and their teams to redesign processes, eliminate redundancies and drive efficiencies', Corbat said in the memo. 'He will also help to set challenging productivity goals for all of our products, geographies and functions'.

Hit the link below to access the complete Bloomberg article:

Citigroup Hires McKinsey’s Chubak to Help Corbat Pare Costs

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image: © Ivy Dawned

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