Citigroup to Cut More Than 11,000 Jobs
(NEW YORK) — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000. The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts. Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world “that have the highest growth potential in consumer banking.” (MORE: Money Talking: Is Too-Big-to-Fail Over?) About 1,900 jobs will come from the institutional clients group, which includes investment banking. The company will also cut jobs in technology and operations by using more automation and moving jobs to “lower-cost locations.” Citi said it expects the cuts to save $900 million next year, and slightly more in the following ...
Citi on track to cut 300 sales and trading jobs in 2012: WSJ
Citigroup Inc is on track to cut 300 sales and trading jobs globally this year, as part of its plan to streamline its banking operations, the Wall Street Journal reported, citing people briefed on the process.
Found more than 1 month ago on channel Reuters
Citigroup names new CEO in abrupt switch
Tuesday, October 16, 2012 - 14:31 Spencer Platt/Getty Images The building formerly known as the Citigroup Center, which continues to house the company, is seen in midtown Manhattan. A sudden change of leadership at Citigroup raises new questions about the future of the embattled banking giant. "Once you decide to move on, there's no point in hanging around." That's how Citigroup's chairman explains the abrupt departure of the banking giant's CEO, Vikram Pandit. It was Pandit who led the bank through the financial crisis over the past four years, with the help of $45 billion in federal bailouts. The bank has since repaid those loans, and lately its fortunes have been showing signs of improvement. Just yesterday, Pandit was sounding upbeat as he announced an unexpected rise in quarterly profits, and his resignation appeared to come out of nowhere. Citigroup Chairman Mike O'Neill told analysts in a conference call that Pandit simply decided to submit his resignation, and the company's board ...