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Business News at 5:40 p.m.
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NEW THIS DIGEST:
Adds: FORECLOSURE SALES
Updates: WALL STREET
NEW YORK â¿¿ Citigroup is cutting 11,000 jobs and closing bank branches, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi's workforce. Most of them, about 6,200, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts. Citi said it expects the cuts to save $900 million next year, and slightly more in the following years, but there will be short-term pain: Citi said it expects to record pretax charges of approximately $1 billion in the fourth quarter. By Business Writer Christina Rexrode.
NEW YORK â¿¿ Another Starbucks may soon pop up around the corner, with the world's biggest coffee company planning to add at least 1,500 cafes in the U.S. over the next five years. Worldwide, the company says it will have more than 20,000 cafes by 2014, up from its current count of about 18,000. Much of that growth will come from China, which the company says will surpass Canada as its second-biggest market. By Food Industry Writer Candice Choi.
SMALLBIZ-SMALL TALK-SUPERSTORM SANDY
NEW YORK â¿¿ Many small business owners whose companies were devastated by Superstorm Sandy need money to rebuild, and if they don't get it soon, they could be faced with closing their doors forever. Low-interest loans are available to some owners, but taking on debt is one of the last things they want to do as they try to recover from the storm in an already challenging economy. For many, a grant that doesn't have to be repaid is a better option â¿¿ and after the Sept. 11 attacks and Hurricane Katrina, many small business owners were saved by these kinds of funds. But so far, grant money for small businesses hurt by Sandy is relatively scarce. By Business Writer Joyce M. Rosenberg.