While the job cuts are among the first major moves by Corbat, they are in line with Pandit's blueprint.
Citi nearly collapsed during the financial crisis and had to take two taxpayer bailout loans. It has been shrinking ever since, shedding units and trying to find a business model that's more streamlined and efficient.
The paring hasn't always gone as well as Citi hoped. This fall, for example, when Citi negotiated the sale of its stake in the retail brokerage Morgan Stanley Smith Barney, it got far less than it wanted from the buyer, Morgan Stanley.
Corbat said Citi "has come a long way over the past several years."