Citigroup to cut over 11,000 jobs
6 December 012
Citigroup will cut 11,000 jobs worldwide.
The majority of the cuts will be lost in the multinational’s consumer banking division, and the bank will see its headcount reduce by 4% after the cuts.
Consumer operations will either be sold or reduced back in Pakistan, Paraguay, Romania, Turkey and Uruguay.
Other countries affected by the cuts include Brazil, Hong Kong, Hungary, South Korea, the US, Greece and Spain. Citigroup intends to focus on the 150 cities that have the highest growth potential in consumer banking, and said that the changes will leave the company $900m better off in 2013.
The job losses are to cost around $1bn (£621m) in pre-tax charges. The announcement comes two months after former Chief Executive, Vikram Pandit, resigned. He left with a settlement of more than $15m.
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