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Investors applaud Corbat's quick cost-cutting at Citi:
A clear indication of how happy investors are, Citigroup's shares jumped more than 6% Wednesday after CEO Michael Corbat announced plans to downsize the business, cut 11,000 jobs and reduce expenses by about $1 billion a year. But there's more work to be done. Even after its recent sharp advance, Citi's shares are still trading at 70% of tangible book value.
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