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Citigroup to cut 11 000 jobs

Dec 05 2012 16:37
Citigroup will eliminate 11 000 jobs worldwide, about 4% of its total staff, in a move to save as much as $1.1bn a year in expenses, the company said on Wednesday.

The move will initially result in pre-tax charges of $1bn to fourth quarter earnings, the company said in a statement.

It is the first major action to restructure the company since directors named Michael Corbat chief executive officer in October after becoming impatient with former CEO Vikram Pandit.
citigroup  |  job cuts



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