Citibank to reduce workforce by 11,000 and save as much as $1 billion annually

From Huff Post

Citibank which has been behind in restructuring as a result of global financial crisis, plans to pare down 11,000 jobs and save as much as $l billion per year. Citibank's stocks rose on news.

This is the first move of new CEO Michael Corbat who replaced Vikram Pandit.  Corbat was chosen by Chairman Michael O Neill who is well known to pare down non earning units.

Citigroup will shed 84 branches, much of them in USA, as it continues to focus on high growth areas.  Most of the cut will be in the consumer banking sector.

What do you think of this planned job cuts by Citigroup?