With this cost-cutting operation, Citigroup will save $10 billion. What's not to like?
Well... an analyst puts it this way: "Now they've set up a crazy cost-cutting program, which is absolutely the wrong thing to do. What they need to do is spend money to benefit from growth in core markets."
Basically, you will need the right people to make money. You have to be willing to invest in your personnel and the tools they need to do their work, in order to make (more) money off that work. Allow your people to create value.
Cutting jobs will save you money in the short run, but will take away an opportunity to create value in the long run.