Citigroup Inc.’s (NYSE:C) plan to cut 11,000 jobs is far from the first big downsizing that Wall Street firms have executed since the 2008 financial crisis. Unfortunately, it won’t be the last. The nation’s third-biggest bank is the latest in a series of financial institutions to cut large numbers of jobs. Behind the cuts is new Chief Executive Officer Michael Corbat’s push to improve Citi’s performance and free up cash flow so they can improve their stock dividend, currently just a penny a share. But Citi, like rivals, also faces pressures from new international regulations that will require banks to boost their capital in order to protect themselves from future crises and new United States regulations stemming from the Dodd-Frank Act that are designed to limit banks’ risk-taking.
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SandRidge Energy Inc. (NYSE:SD): Shares of Sandridge Energy, Inc. rose above their 200 day moving average of $6.87, changing hands as high as $7.12 per share.
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX): After the company’s plan to purchase a pair of oil and gas producers for $9 billion was greeted by downgrades from Wall Street, shares of Freeport-McMoRan Copper & Gold Inc. hit their lowest level in over a year. The announcement triggered a sell-off in the stock.
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