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Citigroup Said to Consider 3,000 Job Cuts [View All]

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 08:01 AM
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Citigroup Said to Consider 3,000 Job Cuts
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(Bloomberg) Citigroup Inc. (C), the U.S. bank that shook up senior management earlier this month, may cut as many as 3,000 jobs as Chief Executive Officer Vikram Pandit squeezes out costs, said a person familiar with the companys plans.

The reduction, equal to about 1 percent of the staff, is an estimate and may change, according to the person, who wasnt authorized to speak publicly about the cuts. Among the jobs eliminated may be 900 from the division that includes the banks trading and investment banking operations, the person said. Citigroup, ranked third by assets among U.S. lenders, employed about 267,000 people at the end of the third quarter.

As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi, Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup, said in an e-mailed statement.

Citigroup posted a 74 percent increase in third-quarter profit, aided by a $1.9 billion accounting gain that softened the impact of lower trading and investment-banking revenue. The bank said in September it would limit hiring only to critical jobs to control costs and boost revenue as new regulations on minimum capital levels take effect. ..............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-11-16/citigroup-said-to-consider-3-000-job-cuts-as-pandit-trims-costs.html



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