Citigroup stock headed for 10th gain Friday out of 12 sessions this month

Citigroup Inc.
C,
-0.72%
stock is up 0.2% in premarket trades on Friday in what could be the stock’s 10th gain out of 12 sessions this month. On Wednesday, Citi CFO Mark A. L. Mason said the company plans to lay off 1,600 people in the second quarter as part of an overall job reduction of 5,000 people at the bank. The cuts come in the Citi’s banking and markets units. Citi said the job cuts will boost second-quarter expenses by up to $400 million from the first quarter. The Financial Times reported Friday that the largest Wall Street banks are on track to reduce jobs by 11,000 people this year, including the Citi actions.