Citigroup To Cut 4,500 Jobs, Take $400M Charge

[Purveyor]

(12-06) 15:04 PST NEW YORK, (AP) --

Citigroup Inc. is eliminating 4,500 jobs in its latest effort to cut costs. The bank will take a $400 million charge in the fourth quarter as a result.

Citigroup's CEO, Vikram Pandit, disclosed the job cuts at an investor conference Tuesday. The cuts represent about 1.5 percent of its global workforce of 267,000. Pandit said the cuts would be made over the next few quarters.

Other banks have also been cutting staff. Last month, Swiss lender UBS told investors it is downsizing its investment bank to 16,000 people by 2016 from the current 18,000 as the bank tries to reduce its exposure to risk. In September, Bank of America Corp., based in Charlotte, N.C., said it would cut 30,000 jobs over the next few years.

Pandit also warned that Citigroup will take a $500 million hit to revenue from an accounting-related charge related to the changing value of its debt.

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http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/12/06/national/a150436S48.DTL