Company News: Citigroup, Delta Air Lines, Microsoft, Netflix, Tesco

Michael Corbat, Citigroup’s new chief executive officer, is eliminating more than 11,000 jobs, scaling back operations in some emerging markets and taking a $1 billion charge this quarter. The global consumer-banking business will absorb more than half the job cuts, particularly units in Pakistan, Paraguay, Romania, Turkey, and Uruguay. The institutional clients group, which includes trading, investment banking, and transaction services, will shed about 1,900 jobs. Some of the areas targeted are those that predecessor Vikram Pandit had prioritized for cuts. The latest layoffs amount to about 4.2 percent of Citigroup’s workforce.

Delta Air Lines is considering a stake in Virgin Atlantic Airways, a move that would position the U.S. carrier to compete for more business and first-class passengers. Talks are under way for Delta to acquire all or part of Singapore Airlines’ 49 percent in Virgin Atlantic, two people familiar with the matter said. An ownership stake would give the No. 2 carrier in the U.S. something it has long coveted: greater access to London’s Heathrow Airport, which is closer to the city than Delta’s current base at Gatwick Airport.