Citigroup's new leader is repeating the bank's old tricks of cost-cutting. But this time he's targeting Citi's international identity.

Chief Executive Michael Corbat's plan to cut 4% of Citi's workforce won immediate plaudits from the market on Wednesday, sending the bank's share price soaring. But the nature of the cuts, which largely fall in Citi's global consumer banking division, suggests the bank is hedging its strategy of being an omnipresent, upper-tier player in emerging markets.

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